n any other country, and of her consumption of 1,460,000 tons of
beet sugar all of it is produced from beets grown on the continent.
Between 1885 and 1912 the population increased from 46,000,000 to
66,000,000. The expenditure on the navy has increased in the last ten
years from $47,500,000 to $110,000,000, and the number of men from
31,157 to 60,805, with another increase in both money and men, voted
at the moment of this writing in the summer of 1912.

The debt of Germany, exclusive of paper money, in 1887 was 486,201,000
marks; in 1903 it stood at 2,733,500,000. In 1911 the funded debt of
the empire was 4,524,000,000 marks, and the funded debt of the states
14,880,000,000; and the floating debt amounts to 991,000,000, of which
Prussia alone bears 610,000,000 and the empire 300,000,000. Between
the years 1871 and 1897 a debt of $500,000,000 was incurred, bearing
an average interest charge of 3 3/4 per cent. In the year 1908 the
combined expenditures of the states and of the empire reached the
enormous total of $1,775,000,000. The debt of the city of Berlin alone
in 1910 had reached $110,750,000 and has increased in the last two
years.

For purposes of comparison one may note that our own later national
budgets run roughly to $1,000,000,000. The British budget for 1911 was
$906,420,000. After the French war, speculation on a large scale
ensued. The payment of the $1,000,000,000 indemnity had a bad effect.
As has often happened in America, money, or the mere means of
exchange, was taken for wealth. The earth will be as cold as the moon
before men learn that the only real wealth is health. Many schemes and
companies were floated and after 1873 there was a prolonged financial
crisis in Germany. It is said that bankruptcy and the liquidation of
bubble companies entailed a loss of a round $90,000,000. It was in
1876-7, when Germany was thus suffering, that the policy of protection
was mooted and finally put into operation by Bismarck in 1879. Ten
years later the laws for accident, old age, and sickness insurance
were passed, at the instigation and under the direct influence of the
present Emperor.

The tonnage of steam vessels under 4,000 tons in Great Britain (net
tons) was, some five years ago, 8,165,527; in Germany (gross tons),
977,410; but the tonnage of steam vessels of 4,000 tons and over was
in Great Britain 1,446,486, in Germany 1,119,537! It should be added
that no small part of Great Britain's big ships belong