ABSTRACT
Striking evidence of the decline in the economic position of Europe is to be found in the development of the mercantile tonnage of the world. It is true that no power on earth can resist a development which aims at the transplantation of industry to the most natural sources of production, and in the long run it is probable that Europe must accommodate itself to the altered economic position which must ensue. The colossal advance made in the U.S.A. at present exerts very severe pressure on Europe for various reasons, but especially because Europe is heavily indebted to the United States, which, after the war, possessed more available capital than any other country. The United States have increased the volume of their turnover not only with all European states, but also with practically all oversea countries, in which they advanced during the war at the expense of Europe and conquered markets which Europe is seeking at great pains to recapture.
