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lin. The fall of the value of German exchange, which amounts to about 30 percent sincethe warbrokeout, and which means a most serious depreciation of the gold-value of the Reichsmark, must have stimulated exports enormously. And since exports of merchandise and manufactured articles from the two central monarchies have dwindled to a mere shadow of their total before the war, the Allied Powers being by far their best and wealthiest customers (the exports of Germany and Austria together in 1913 to all countries amounted to £ 504,285.000, of which the Allied Powers took £ 238.675.000), it will hardly be possible for Germany to pay for her imports from and through neutral countries except in values which, in part, may consist of goods, but which for the greater part must be foreign securities, gold being jealously guarded in the Bank at Berlin. The need of gold in fact is so severely feit, that there is a movement on foot in Germany to sacrifice all golden wedding-rings and other ornaments on the altar of the fatherland. Austria, where far less foreign securities are held, Austria which, so far from being an investor, has placed large loans abroad, both Government loans and bonds of private companies, Banks etc., Austria has already been obliged to export enormous quantities of gold to Amsterdam during the war. There was, evidently, no other way for Austria to pay her coupons in Amsterdam and elsewhere. It is not possible to ascertain what other exports of gold may