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rapidly than has London during the course of the
war. Paris, threatened by the near approach of an
invading foe, has inevitably suffered much more
severely than London, and is likely to take longer
in recovering the great position as a prpvider of
capital which was given to her by the thrift of the
average French citizen. Every one expects with con-
fidence to see, when the war is over, a miraculous
recovery in France produced by the same spirit
which worked miracles after the war of 1871, aided
and abetted by the subsequent improvement in
man's control over the forces of nature, and also by
the deep and world-wide sympathy which all will
feel for France as the champion of freedom who lias
suffered most severely in its cause during the war.
But it is impossible to expect, after what France
has suffered, that she will be, for some time, in a
position seriously to challenge London as a financial
rival. All Englishmen will hope that the day when
she will be in a position to challenge us again will
come quickly.

As to Berlin, the only other possible rival to
London in Europe, very little need be said. The
German authority quoted above has already shown
some of the difficulties with which Berlin has to
struggle. He spoke of the narrow-mindedness of
German finance, of the " petty quibbling " which
often disturbs the relations between buyer and seller,
of the " dubious practices of many kinds, infringe-
ments of payment stipulations, unjustifiable deduc-
tions/' etc., and the " ruthless " action of the cartels.
He acknowledges that though Germany had a gold