_The Crown Prince, 1915_: "_But this is not as I wished it to continue._"

Towards the end of September, 1916, the British and French Armies began an attack upon the German forces at Loos and in the Champagne. During five days' fighting, over 25,000 prisoners and 125 guns were captured by the Allies.

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_IDYLLIC NEUTRALITY_

_A daily smuggling scene on the Dutch frontier_

Neutral countries whose frontiers march with those of Germany have rendered enormous aid to the Central Powers by the supply of materials and food. The general practice of evasion has been to smuggle home produce of all sorts for which high prices were forthcoming and use for local consumption similar products imported from other countries over seas. The imports of many lines of merchandise into Holland alone are known to have increased from fifty to one hundred per cent. compared with pre-war figures.

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_WHAT SHOULD WE DO WITHOUT MICHAEL?_

_Michael_: "_For my 100 Marks I obtained a receipt. I gave this for second 100 Marks and I received a second receipt. For the third loan I gave the second receipt. Have I invested 300 Marks and has the Government got 300, or have both of us got nothing?_"

If we desire the possibility of shaping a peace in accordance with our needs and our vital requirements, we must not forget the question of cost. We must see to it that the whole future livelihood of our people shall, so far as is in any way possible, be relieved of the burden. The leaden weight of thousands of millions is due to the people who got up this war. They, not we, shall drag it along with them. Of course, we know that this is a matter of peculiar difficulty, but everything that can be done in this direction shall be done.

We are paying the money almost exclusively to ourselves, whilst the enemy is paying its loans abroad, a guarantee that in the future we shall maintain the advantage.

DR. HELFFERICH, _Reichstag, September, 1915._

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_WE DON'T UNDERSTAND THIS LOAN GAME_

_(In Germany there is a game by which children pa.s.sing a coin from one to another are supposed to, but do not, get richer.)_

German statesmen and editors make a boast of the fact that so far they have not raised any war funds by taxation. That is true, but they are pursuing the far less commendable course of raising the money by loans and by "hanky-panky" manipulations of currency paper. Dr. Helfferich, the Imperial Minister of Finance, recently admitted that he dared not impose further taxation, and it is a fair inference that he knew any such proposals would be futile--that the burdens of the German taxpayers are already as heavy as they can bear.

_The Nineteenth Century and After._

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_THE GERMAN LOAN_

"_Don't breathe on the bubble or the whole will collapse_"

The German war loans have been subscribed mainly by the great companies of Germany; by the Savings Banks, the Banks, the Life and Fire Insurance and Accident Insurance Companies, etc.

Furthermore, these loans have been pyramided; that is to say, a man who subscribed and paid for one hundred thousand marks of loan number one could, when loan number two was called for, take the bonds he had bought of loan number one to his bank and on his agreement to spend the proceeds in subscribing to loan number two, borrow from the bank eighty thousand marks on the security of his first loan bonds, and so on.

JAMES W. GERARD _in_ "_My Four Years in Germany._"

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"_Wounded First_"

The Allan Liner _Hesperian_ was torpedoed by a German submarine in the English Channel on the 4th September, 1915; on board were a number of invalided Canadian troops. British admiralty patrol boats were quickly on the spot and succeeded in saving all the pa.s.sengers and crew with the exception of eight souls.

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_THE MORNING PAPER_:--"_GREAT NEWS_"

The Press Bureau of the War Office announces that a fleet of hostile airships visited the eastern counties and a portion of the London area last night and dropped bombs.

The following military casualties, in addition to the one announced last night, have been reported: Fourteen killed and thirteen wounded.

The Home Office announces the following casualties other than the military casualties reported above: Killed--Men, 27; women, 9; children, 5; total, 41. Injured--Men, 64; women, 30; children, 7; total, 101.