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.