ms ready to lend to
manufacturers and merchants who wish to increase their business. The
result of this is a great stimulation of manufactures and commerce. In
the case of Germany, the effect on industry of the $1,000,000,000 of
indemnity which she received from France following the Franco-Prussian
war was so great that Germany was soon manufacturing more than her
people could consume, and German commercial agents spread all over the
globe seeking to find profitable customers for the surplus.

On the other hand, the German leaders have failed to realize that the
destruction of men and materials in war is always a great national loss.
In the case of a long war, the losses from these causes may, even for
the victors, overbalance any advantage which may be secured in the way
of territory or money from the vanquished nation.

GERMANY WANTED LAND FROM HER NEIGHBORS.--The present war was largely
the result of Germany's desire to secure territory. The territory that
was particularly wanted was in a number of different places.

In the first place, Germany coveted the rest of the iron mines which she
had made the mistake (from her point of view) of letting France keep in
1870. These are located along the northeast frontier of France, about
half a dozen miles from the boundary. Germany wanted also the greater
part of Belgium, because it has valuable iron ore deposits, and
especially because it has great deposits of coal. It has been said that
without these mines of Belgian coal and of French iron, which Germany
seized at the very beginning of the war, she would soon have had to give
up the fight.

In the second place, Germany's only ports are on the shallow north
coast, and the channels are intricate and difficult of navigation. These
ports are inconveniently situated for exports from Germany's chief
manufacturing region, the lower Rhine valley. The best ports for western
Germany are Antwerp, in Belgium, and Rotterdam, in Holland. Germany
wanted a port toward the west through which she could more conveniently
reach her customers in North and South America and elsewhere. It is
interesting to notice that the river Scheldt (skelt), on which Antwerp
is situated, passes through Holland on its way to the sea. Even if
Germany secured Belgium this would not give her control of the Antwerp
outlet nor would it give her Rotterdam. It is certain that eventual
domination of Holland was part of Germany's plan.

Germany wanted that part of