Object: The Evolution of German banking

OF GERMANY. 
13 
the eighteenth century were of little use in Germany 
as long as she was still cut up in so many separate 
economic territories, and as long as the traffic 
facilities were in such a deplorable state. The 
financial powers of Germany were so exhausted 
after the wars with Napoleon that some time 
had to elapse before she could sufficiently recover, 
in order to meet the enormous capital demands 
involved by the advent of machinery and steam. 
By the middle of the third decade of the nine 
teenth century these adverse circumstances had, 
on the whole, disappeared. 
Above all, by the conclusion of the Customs 
treaties between eighteen states with a population 
of twenty-three millions, the great obstacle in the 
industrial and commercial intercourse was removed, 
whilst from year to year additional states joined 
the Customs Union. At about the same time, 
railway construction was commenced in Germany. 
The first line from Fiirth to Nuremberg, about 
3f miles long, was completed in 1835. Rapid 
progress was made ; in 1845, 1,437 miles, in 1850, 
over 3,750 miles were in operation and gradually 
a comprehensive railway system became estab 
lished, now comprising about 37,500 miles, thus 
exceeding that of any other European country. 
Almost twenty years before railways were built, 
river navigation was employed on the Rhine and
	        
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