the negative change in her demographic structure. In pre-war times the
ancient continent supplied new continents and new territories with a
hardy race of pioneers, and held the record as regards population,
both adult and infantile, the prevalence of women over men being
especially noted by statisticians. All this has changed considerably
for the worse!

Thirdly, on the losing nations, including Germany, which is generally
understood to be the most cultured nation in the world, the victors
have forced a peace which practically amounts to a continuation of
the War. The vanquished have had to give up their colonies, their
shipping, their credits abroad, and their transferable resources,
besides agreeing to the military and economic control of the Allies;
moreover, despite their desperate conditions, they are expected to
pay an indemnity, the amount of which, although hitherto only vaguely
mentioned, surpasses by its very absurdity all possibility of an even
remote settlement.

Fourthly, considerable groups of ex-enemy peoples, chiefly Germans
and Magyars, have been assigned to populations of an inferior
civilization.

Fifthly, as a result of this state of things, while Germany, Austria
and Bulgaria have practically no army at all and have submitted
without the slightest resistance to the most stringent forms of
military control, the victorious States have increased their armies
and fleets to proportions, which they did not possess before the War.

Sixthly, Europe, cut up into thirty States, daily sees her buying
capacity decreasing and the rate of exchange rising menacingly against