OF GERMANY. 
35 
now to over £100,000,000 sterling per annum as 
compared with about £25,000,000 in 1890, has 
aided and stimulated economic developments all 
over the globe in a measure without parallel. At 
the same time, the stocks of gold in the central 
institutions of the different countries, which form 
the basis of credit, have by no means increased in 
the same proportion. This problem is at the 
present moment the subject of investigation also 
in Germany, and measures of reform are under 
serious contemplation. 
The construction of Germany’s economic fabric 
and of her banking organisation have, over and 
over again, given rise to serious apprehensions 
and misapprehensions, not the least in England. It 
cannot be denied that the position has at times 
been strained and involved, though not to such 
an extent as has often been represented. 
An outline of the German banking system 
may enable readers to form their own opinion 
as to its soundness or otherwise.