e rather than decrease, and
while, for the sake of saving the nation's "face," it will be
necessary that Zeppelins be further used, the people who are
directing the war know that, so far as land warfare is concerned,
they are not a factor.

There have been more mishaps than have been published; more wounded
and damaged Zeppelins than the Germans have ever announced. I was
informed that the overhauling and repair of many Zeppelins after a
successful or unsuccessful raid was a matter, not of days, but of
weeks. There was great difficulty in obtaining crews. Most of
them are sailors, as are the officers. There have been suppressed
mutinies in connection with the manning of the Zeppelins.

Count Zeppelin, who, up to a year ago, was a national hero, is
already regarded by a large section of the population as a failure.
The very house servants who subscribed their pfennigs and marks in
the early days to help conduct his experiments now no longer speak
of him with respect. They have transferred their admiration to
Hindenburg and the submarines.

The majority of Germans of all classes believe what they are
officially instructed to believe, no more, no less. The
overmastering self-hypnotism which leads the present-day German to
believe that black is white, if it adds to his self-satisfaction,
is one of the most startling phenomena of history. But what of
Ballin, Heineken, von Gwinner, Gutmann, Thyssen, Rathenau, and
other captains of industry and finance? Some of them have
expressed opinions in interviews, but what do they _really_ think?
I am not going to indulge in any guesswork on this matter. I am
simply going to disclose some important statements made at a secret
meeting attended by many of the business directors of the German
Empire. The meeting was for the purpose of discussing actual
conditions in a straightforward manner, therefore no member of the
Press, German or foreign, was present.

In striking contrast with custom when the war is discussed, nothing
was said of _Kultur_, of German innocence or enemy guilt, of an
early and victorious peace, of British warships hiding always in
safety, or of the omniscience and infallibility of the Supreme
Military Command.

The little circle of Germans who have displayed such brilliant
organising ability in commerce and industry are practical men, who
look at the war and the days to follow the war in the cold light of
debit and credit. This being the case, the hon