practically one market by the growing ties of mutual interest.

With regard to the position of other possible rivals to London's
position, it need only be said that they have certainly been weakened
much more 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 provider of capital which was
given to her by the thrift of the average French citizen. Every one
expects with confidence 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 has 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, infringements of
payment stipulations, unjustifiable deductions," etc., and the
"ruthless" action of the cartels. He acknowledges that though Germany
had a gold standard "too much anxiety used to be shown when the gold