THE ECONOMICS OF THE CASE

an eye, and forty million people are to sit down helplessly because Germany has been victorious at sea. On the morrow of her marvellous victory Germany is by some sort of miracle to find shipyards, foundries, cotton-mills, looms, factories, coal and iron mines, and all their equipment, suddenly created in order to take the trade that the most successful manufacturers and traders in the world have been generations in building up. Germany is to be able suddenly to produce three or four times what her population has hitherto been able to produce; for she must either do that or leave the markets which England has supplied heretofore still available to English effort. What has really fed these forty millions, who are to starve on the morrow of Germany's naval victory, is the fact that the coal and iron exported by them have been sent in one form or another to populations which need those products. Is that need suddenly to cease, or are the forty millions suddenly to be struck with some sort of paralysis, that all this vast industry is coming to an end? What has the defeat of English ships at sea to do with the fact that the Canadian farmer wants to buy English manufactures and pay for them with his wheat? It may be true that Germany could stop the importation