movements have been only partially resumed, and new elements
have entered. Shipping is still disturbed. Governments have been
cooperating in various ways in the liquidation of government stocks of
minerals. The German commercial control of minerals outside of its
boundaries, as noted above, has been much weakened. The Reparations
Committee created by the Peace Treaty has enormous powers over the use
and distribution of the mineral resources of Germany, which directly and
indirectly affect the mineral supplies of Europe and all the world. The
terms of the Peace Treaty changed in fundamental ways the international
channels of mineral movement.

The mineral situation of Europe is in such a state of chaos that the
combined efforts of governments will be necessary for many years to
bring order. This will be accomplished partly through the Reparations
Committee, but may require other forms of cooperation. An international
coal commission has already been formed to look after the distribution
of coal through Europe. International cooperation in mineral
distribution is not merely a theoretical possibility for the future,--it
is now the outstanding fact with reference to the European situation.

The recognition of their dependence on neighbors for important mineral
resources has led to earnest efforts on the part of nations to supply
deficiencies. The great activity of the British government in acquiring
oil is one example. The falling off of gold production the world over,
together with the increased disparity between gold reserves and the
currency issued against them, is causing serious consideration of
government action to encourage the gold industry by financial measures
tending to increase the profit of the miners (see pp. 224-225).

Before and since the war most countries of the globe, outside of England
and the United States, have gone far in the exercise of the right of
eminent domain over mineral resources within their own boundaries. Even
in England the recent movement to nationalize the coal and oil resources
is an indication of the general tendency. In the United States the
movement has manifested itself thus far only in the increasing
reluctance on the part of the government to part with mineral resources
on the public domain,--as is clear from the terms of its new leasing law
to cover oil, coal, gas, potash, and phosphates on public lands.

Before the war only the German government was clearly identified with
p