The following highly important communication revealing a further startling decline in German credit hae been issued by the Foreign Office and handed to Router's Agency by the British Minister in Peking.
London, Feb. 3.
American bankers in London have lately shown a great interest in the depreciation of German credit in Holland and in view of the increased international importance of American finance, London teaches more than usual weight to their judgement.
The decline of German credit in Holland has particular importance because, Holland and Germany being adjoining countries, nothing but a virtual breakdown in the German export industry could a count for the heavy balance in ments against Germany which indicated by the atest depreciation in value in Holland of nes _drawn on Berlin. While during the first fourteen months of the war German currency only depreciated 14.7 per cent., between October 1 and December 31, 1915, the depreciation increased to 28.7 per cent.
This sudden increase in the rate at which German credit has declined in the neutral country where it can best be judged seems to dicate that Cermany's latest mili-
Text read from the printed page and cleaned; old type leaves the occasional error.