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have been compelled to send gold to Holland and the Scandinavian countries to the extent of about 5 millions. For this and other reasons I cannot agree with the Director of the Deutsche Bank that Germany has got through the crisis better than we have done. The proper time to test the soundness of the schemes comprised in President Havenstein's "financial mobilization" will arrive only when all those securities which have been pledged are redeemed. It is easily conceivable that enormous losses will then occur to all those people who have been unfortunate enough to have become indebted to the war banks, the mortgage banks, or any other of those societies which have taken securities and goods in pledge.