about a third, to Sweden about a half, to France and Great Britain about two-thirds. The exports of Russia to the United States remained practically the same in 1916 as in 1913. Germany grew in importance as a source of supply for Russia prior to the war. While the imports into Russia from Germany rose from 35 per cent in 1900 up to 53 per cent in 1913, the imports from England declined from 19 per cent in 1900 to about 14 per cent in 1913. But these figures do not reveal the extent of the dependence of Russia upon Germany before the war. In a long list of commodities, Russia obtained from Germany over 95 per cent of her total imports. Germany supplied over 99 per cent of the imports of many commodities, such as rolling machines, embroidery machines, paper-making machines, electric vehicles, engravings, maps and atlases, gilt cutlery, iodine and bromine, alizarin oil, and potassium cyanide. The pre-eminent position of Germany in the Russian market was due in part to the favorable commercial treaty which was in effect before the war. The Russian market has become disorganized and new trade relations will undoubtedly be formed when a stable government is restored. Germany's propinquity to Russia and her undoubted technical and trade facilities give her a unique position in Russian trade. However, unless the Allied Powers drive Germany and Russia into each other's arms, the relative position of Germany may be less favorable than before the war. (b) Belgium During the war Belgium did not publish any official returns of her foreign trade. However, the pre-war figures are given herewith, for they indicate not only the considerable volume of trade of Belgium, but also the very important position of Germany in it. From the beginning of the century the trade of Belgium grew very rapidly. Both imports and exports more than doubled, and the transit trade rose almost as much. Belgium had an increasing excess of imports before the war. There are few countries in which the transit trade is so large a proportion of imports and exports. The classification by commodities of the imports and exports of Belgium indicate the highly industrial character of the country. Food imports were large and food exports were relatively small. The imports of manufactured goods were about one-sixth of the total while the exports of manufactured goods were almost two-fifths of the total. In the transit trade, two-thirds of the total value was made up of manufactured goods. Over 50 per cent of the import trade and over 70 per cent of the export trade was transacted with Belgium's four neighbors, France, Germany, Great Britain, and the Netherlands. Those next in importance were the overseas countries, the United States, Argentina, Russia, British India, and Australia. France was the chief source of imports, but Germany was Belgium's best customer. Great Britain took third place in imports as well as in exports. In her trade with most countries Belgium had an excess of imports. However, in her trade with Germany, Italy, Brazil, China, Turkey, and Japan her exports exceeded imports. The value of the transit trade of Belgium constituted about 27 per cent of the combined imports and exports. Of this trade almost two-thirds in value consisted of manufactured goods and 1 Special commerce covers imports for home consumption and exports of domestic goods. From the Tableau Générale du Commerce de la Belgique avec les Pays Etrangères, 1913.. only about one-fifth of raw materials. Of the transit trade entering Belgium in 1913, about 41 per cent came from Germany and about 23 per cent from France. Of the transit trade leaving Belgium, about 18 per cent was with Great Britain, 16 per cent with France, and 12 per cent with Germany. (ii) Neutrals (a) Denmark Before the war Danish commerce was growing very rapidly. The value of imports and exports in the year 1913 was 80 per cent greater than the average in the half decade 1901-5. The commodities traded in were chiefly agricultural products. Most of the business was done with Germany and Great Britain. Danmarks Vareindforsel-Og-Udforsel, 1913-1917, Danmarks Handelsstatistiske Meddelelser-Vareomsaetningen med Udlandet, October, 1918. Figures cover special commerce. Prior to 1914 there was a decrease in the imports of food and an increase in the exports of food. The imports of raw materials increased and the exports decreased. The imports of fuel increased and the exports decreased. Apparently, the country was becoming a source of food supply and at the same time a manufacturing region. Before the war over 50 per cent of the imports into Denmark came from Germany and the United Kingdom and over 75 per cent of the exports were shipped to these countries. Next in importance as sources of imports were the United States, Russia, and Sweden. The trade with the rest of the world was relatively unimportant. Denmark was increasingly coming under Germany's economic control. Trade with Germany increased while trade with other countries declined. Much of the commerce of Denmark moved by way of Hamburg, because of its free port, the facilities for the transshipment of goods, preferential freight rates, large scale purchasing, and the abundance of credit for the carrying of consigned merchandise. In general, the effect of the war on the commerce of Denmark was to increase greatly the volume of trade. Even the five months of war in 1914 left a very marked impression. There was a slight decline in the value of imports and a very considerable increase in the value of exports. The imports of food declined, but the exports increased. The imports of raw materials increased and the exports decreased. Denmark became a source of supply for the belligerent countries. The characteristic prewar excess of imports was changed into an excess of exports as a result of five months of wartime trade. There was a great increase in imports from the United Kingdom and a marked decrease in imports from Germany. On the other hand, exports to Germany increased considerably while exports to the United Kingdom declined. During the war, trade with Norway and Sweden rose considerably. As the blockade tightened, Denmark was forced to confine her trade increasingly to the other Scandinavian countries. On the other hand, trade with Germany and Great Britain declined during 1917. Imports from the United States and Argentina were much greater in 1917 than in 1913, owing probably to the elimination of this trade via Hamburg. The re-export of foreign merchandise almost doubled from 1914 to 1916. Copenhagen became a transshipment center. The official monthly summary of the foreign commerce of Denmark for October, 1918, gives the quantity or weight of exports and imports for the years 1913 to 1918. Without exception of any importance there was a decrease of both exports and imports during 1918 and in many cases during 1917, as a result of the tightening of the blockade. Up to 1916 there was an increase of imports and of exports of many food products. The exports to Germany in 1915 and 1916 were greater than the pre-war figures, but declined sharply during 1917 and 1918. Exports of food products to Great Britain practically ceased after 1915. For example, the exports of bacon declined from 100,870 metríc tons in ten months of 1913 to 2,490 metric tons in the corresponding period of 1918. The imports of unground corn declined from 365,140 metric tons in ten months of 1913, to 2,630 tons in the corresponding period of 1918. The restriction of imports resulted in a depletion of stocks and the use of substitutes. Peat and wood were used instead of coal, and electricity generated in Sweden was transmitted by cable to Denmark both for light and power. The use of petroleum and its products was restricted. The shortage of raw materials resulted in the closing of many factories and the inadequate maintenance of machinery and equipment. To prevent prices from rising and to aid in the maintenance of industry the government controlled output and prices, and imports and exports. The elimination of Hamburg as a point of transshipment threw a burden upon Copenhagen. During the four years of war it became possible for Denmark to establish trade connections with the other Baltic countries so that the position of Copenhagen as a market for imported goods and as a point of transshipment is considerably improved. Before the war Hamburg distributed to the Scandinavian countries goods which were exported from the |