In 1913 the trade of the United Kingdom with British possessions
was still greater, though it formed in that year a smaller percentage
of the entire trade of the country. Statesman's Year Book, 1915, p.
77. The trade of the United Kingdom with foreign countries was
considerably less (in 1913) than was that of Germany.

[7] "Colonial Administration," pp. 210-11.

[8] _Op. cit._ "It has further been shown that in the foreign trade of
Great Britain the export of manufactured goods is declining while that
of raw material and machinery is increasing."

[9] "Germany's Colonial Policy," in "Modern Germany in Relation to the
Great War." New York, Mitchell Kennerley, 1916, p. 152. See also
"British White Book," a report on Colonial Preferences given in various
countries. Oct. 21, 1909, No. 296. For an able analysis of the
results of the open and the closed door in colonies see Joehlinger
(Otto), "Die Koloniale Handelspolitik der Weltmachte,"
(_Volkswirtschaftliche Zeitfragen_) Vol. XXXV, Berlin, 1914.

[10] Statesman's Year Book, 1915, pp. 893-94.

[11] Statesman's Year Book, 1915, p. 882.

[12] But the whole trade was small, amounting to less than 1 per cent.
of the entire foreign trade (in 1909) of Germany.

[13] In his defence of German Colonial policy, Dr. Solf makes much of
the fact that of the total sum of 500,000,000 marks invested in German
colonies, no less than 89,000,000 marks belongs to foreigners. But
this means that Germany which has little capital to export has invested
over 82 per cent. and all the other countries of the world less than 18
per cent. Moreover the character of the investment, not the absolute
amount, is significant. Competitive investment, as in a brewery or
cotton factory, does not bring the same profit as does a concession for
a railroad, tramway or bank.

[14] Paul Arndt. "Grundzuege der auswaertigen Politik Deutschlands,"
quoted by Ludwig Quessel, _Sozialistische Monatshefte_, Vol. 19, II,
June 12, 1913.

[15] Fr. Naumann. Die Hilfe, Nov. 16, 1911. Quoted by Ludwig Quessel.
"Auf dem Weg zum Weltreich." _Sozialistische Monatshefte_, Vol. 19,
1913.

[16] Ruedorffer, J. J., "Grundzuege der Weltpolitik in der Gegenwart,"
Stuttgart und Berlin, 1914, quoted by Paul Rohrbach, "Germany's
Isolation" ("Der Krieg und die deutsche Politik"). Chicago, 1915.

{116}

CHAPTER IX

INDUSTRIAL INVASION

The direct competition between great industrial nations for the
produc