A new method proposed for measuring the trend of the terms of trade, 665. — Germany's pre-war trade balance, 666. — Distribution of imports and exports in main groups, 668; in detail, 669. — Trade balance in physical terms, 671. — Indices of changes, in value and in physical terms, 674. — Explanation of the changes, 674. — Increasing exports of capital after 1908, 680. — Significance of the rates of foreign exchange, 682. — Conclusion, 683.