[9] See citation, pp. 14-15.
[10] Major Stewart Murray, "Future Peace of the Anglo-Saxons." London: Watts and Co.
[11] L'Information, August 22, 1909.
[12] Very many times greater, because the bullion reserve in the Bank of England is relatively small.
[13] Hartley Withers, "The Meaning of Money." Smith, Elder and Co., London.
[14] See pp. 75-76.
[15] See note concerning French colonial policy, pp. 122-124.
[16] Summarizing an article in the Oriental Economic Review, the San Francisco Bulletin says: "Japan at this moment seems to be finding out that 'conquered' Korea in every real sense belongs to the Koreans, and that all that Japan is getting out of her war is an additional burden of statesmanship and an additional expense of administration, and an increased percentage of international complication due to the extension of the Japanese frontier dangerously close to her Continental rivals, China and Russia. Japan as 'owner' of Korea is in a worse position economically and politically than she was when she was compelled to treat with Korea as an independent nation." The Oriental Economic Review notes that "the Japanese hope to ameliorate the Korean situation through the general intermarriage of the two peoples; but this means a racial advance, and through it closer social and economic relations than were possible before annexation, and would probably have been easier of accomplishment had not the destruction of Korean independence embittered the people."
[17] Spanish Four per Cents. were 42½ during the war, and just prior to the Moroccan trouble, in 1911, had a free market at 90 per cent.
F.C. Penfold writes in the December (1910) North American Review as follows: "The new Spain, whose motive force springs not from the windmills of dreamy fiction, but from honest toil, is materially better off this year than it has been for generations. Since the war Spanish bonds have practically doubled in value, and exchange with foreign money markets has improved in corresponding ratio. Spanish seaports on the Atlantic and Mediterranean teem with shipping. Indeed, the nature of the people seems changing from a dolce far niente indolence to enterprising thrift."