-4-
 
insurance policies, industrial insurance and other annuities 
 
and the like are undermined.  Financial and political judgment 
 
is given in full detail in the earlier memorandums.
     
     In case the present financial situation, 1939-41, should 
 
be placed in comparison with the war financing during the 
 
World War of 1914-1918, the reader is referred to the publi-
 
cation of the Carnegie Foundation for International Peace
 
(German Series v. Lodz, "German Government Financial Manage-
 
ment in the War', 1927 edition) for the figures for war 
 
financing.