Roughly, Europe's total trade 1938—even with the help of feverish armament activity—was, in volume, ess than 83 per cent. of the 1920 volume as compared with 96 per cent, 1937, "Towards the end of the year it was falling fairly sharply.
This decrease is attributed partly 14 talion passion ving them to. In: put regardless of ost of thus reducing imports. It was so due to the upheaval among small; feepitalist middlemen who. in. normal times finance, with the ald of bank loans, virtually the entire commerce Jot the world: they were badly hit by the "successive shocks to business Jeonfidence arising from the threat of war, by the German campaign against. {the Jews, both at home and abroad, and by the disruption of old trade anne" through government iner-
Text read from the printed page and cleaned; old type leaves the occasional error.