I. Is there currency inflation in Germany? 109. — Some reasons for doubting it, 111. — II. International payments where the movement of gold is restricted, 112. — Exchange in New York since 1914; sterling exchange in 1915, 114. — III. German exchange and its decline, 115. — German payments to the United States, 116. — American payments to Germany, 117. — The balance favorable to Germany, 119. — IV. Germany's balances unfavorable in other neutral countries, 119. — Settlements made via New York affect mark exchange, 121. — Scandinavian exchange and its adjustment, 123.