Their respective shares of the world trade represented by the imports and exports of the 108 countries of the world was as follows:

Study of the above shows that the percentage of the world trade of the four nations has not changed much.

While from a percentage of trade Germany would appear to have lost some of it, the fact is that the increase of the world trade after the war by over 60 percent gave to Germany and to the other nations part of the increase, so that they have all had a larger income. They have received a percentage of an average of $32,917,200,000 annual world exports and $30,462,500,000 of the years 1926-30, instead of a percentage of the $20,465,000,000 exports and $18,927,900,000 imports of 1911-13.

They know, therefore, that the claims that they were suffering from loss of world trade due to the war is a mere phantom.

VOLUME OF ITALIAN GOVERNMENT NOTES OUTSTANDING, BY YEARS Herewith are shown the volume of Italian Government notes outstanding, by years, in lire.

The 1913 figure is given for comparison with the period beginning at the conclusion of the World War.

UNITED STATES' GROWING PROSPERITY SINCE THE WORLD WAR AS REPRESENTED

BY THE INCREASE OF BANK DEPOSITS

The United States' growing prosperity since the World War is indicated by steady increase in deposits in the banks of the Nation.

Unfortunately, the report of the Comptroller of the Currency only gives the figures for the years 1928-32. Before that not all the banks reported. The figures for the years 1922-27 do not include all the State banks and few of the private banks. The reports for 1928-32 probably are short of from $5,000,000,000 to $10,000,000,000, due to nonreporting banks not being included.

GERMANY'S GROWING PROSPERITY AS SHOWN BY INCREASE IN BANK DEPOSITS A growth of over 1,000 percent is shown by the deposits of the German people and industries in German commercial banks at the end of each year from 1923, when the Reichsmark was adopted as standard currency, to 1931.

At the end of 1923 the deposits in the German commercial banks was 904,000,000 reichsmarks.

It was the first year of that currency. The year before the deposits were paper marks, and amounted to 1,429,122,000,000.

The 904,000,000 reichsmarks of 1923 more than doubled annually and at the end of 1929 the deposits in the German commercial banks had reached the stupendous total of 10,162,000,000 or an increase from 1923 of 1,024 percent, as follows:

Deposits in German commercial banks, by years

JAPAN'S PROSPERITY AFTER THE WORLD WAR AS SHOWN BY INCREASE IN BANK

DEPOSITS

Japan made large profits during the World War.

Her continued prosperity after the war is shown by the following table of deposits in her commercial banks at the end of each year since 1922:

ITALY'S GROWING PROSPERITY SINCE THE WAR

As in the other large nations, the commercial banks of Italy had, in 1922, deposits amounting to more than twice the amount of deposits at the end of the years 1911-1913.

The deposits in the Italian commercial banks at the end of each year since 1922 have shown substantial expansion.

The bank deposits by years from 1926 to 1929 were:

CANADA'S POSTWAR PROSPERITY AS SHOWN BY BANK DEPOSITS Canada's increased prosperity after the World War is indicated by the amount of deposits in her banks at the end of each year, as follows:

BELGIUM'S PROSPERITY AFTER WORLD WAR AS SHOWN BY INCREASE IN BANK

DEPOSITS

Belgium's post-war prosperity is shown by the bank deposits of her people and industries to have increased year by year in a higher percentage than in any other Nation.

Although the deposits in the Belgian commercial banks in 1922 were much larger than in 1912 and 1913, the increase has been still greater since 1922.

It has jumped higher year by year, as shown by the following:

Senator KEAN. Mr. Chairman, I should like to have him state in the record where he got these figures.

Mr. WOODHOUSE. I shall be glad to state it. I own the largest collection in the world of historic economic records, beginning with William the Conqueror, and it covers 200,000 economic and other historic records. For that reason, I have been collecting all other records of economic and financial importance, and of banking. Senator KEAN. I have the Doomsday Book.

Mr. WOODHOUSE. Have you?

Senator KEAN. Surely.

Mr. WOODHOUSE. That is the first economic survey of the AngloSaxon race. It is exhibit no. 1 of my collection of economic records. Senator GORE. We are using that every day, the Doomsday Book. The CHAIRMAN. The question is, Where did you get these figures here? You do not need to go back to William the Conqueror for that. Mr. WOODHOUSE. Therefore, I keep on buying and obtaining all economic records to add to my collection to bring them up to date. I obtained some of them direct from England, France, Italy, Germany. For the United States I have been making original economic surveys for 20 years, and have a collection that begins with Colonial records. The Woodhouse Collection of American Banking and Currency contains historic records of the banks of the United States since the days when tobacco was the principal currency of the original 13 American Colonies. I have kept it up to date as my testimony may show. Senator GORE. Have you published anything on this subject? Mr. WOODHOUSE. I have.

Senator GORE. List those in the record.

Mr. WOODHOUSE. I shall be glad to. I have been publishing articles on economics, banking, national income, sources of revenue, for over 20 years, some in the New York Times, Current History, some in the Hearst group, some in the Scripps-Howard group, some in other newspapers. Recently I published four articles showing the discrepancies in the figures published regarding the national

income, which, if you wish to have them in the record, I will be glad to transmit.

The CHAIRMAN. You may send them down and we will see whether we will put them in the record or not.

(The data submitted by Mr. Woodhouse are as follows:)

THE NATIONAL RECOVERY COUNCIL

The National Recovery Council was the name adopted by a small group o; scientists and economists who met from time to time in the past 3 years to discuss the economic conditions and work out plans looking to the restoration of national recovery.

The leaders of the group have been: Mr. Henry Woodhouse, editor of Scientific Age, chairman of the International Science Forum, eminent author on international and national affairs, member of Mrs. Franklin D. Roosevelt's Committee on the Federal City, appointed by the Governor of New York in 1916 as delegate of the State of New York to the City Planning Congress held at Washington, etc., Admiral Colby M. Chester, United States Navy, noted authority on international affairs, economist and historian; Hon. Joseph S. Cullinan, past president of the Chamber of Commerce of Texas, chairman of the Mount Rushmore National Memorial Commission, authority on credit and currency, etc.; Comdr. Arthur Chester, United States Navy, retired, son of Admiral Chester and brother of C. M. Chester, Jr., the president of the General Foods Corporation.

The National Recovery Council held its meetings at the offices of Mr. Henry Woodhouse, 280 Madison Avenue, New York, and its members have carried on a Nation-wide work, which has included the following:

1. The initiating of the movement for direct relief on a national scale.

2. The initiating of the movement to put the unemployed to work on a Nationwide scale, to restore their purchasing power.

3. The first Nation-wide survey was made to ascertain how the unemployed could be put to work in their own communities.

4. A check list of 75 conditions that must be met by plans to restore prosperity to be effective was prepared.

5. When the Federal departments stated that no estimate of the national income had ever been made, and the Secretary of Commerce required until December 1933 to prepare such estimates for Congress, the council collected the necessary statistics and made the estimates of the national income, and discovered that the national gross income had been over six times larger than had been estimated and the exports less than 2 percent of total.

6. A survey of the outstanding economic questions of the past 6,000 years was made and the difficulty of converting assets into cash by nations as well as individuals outlined. Accounts were published in the New York Times for October 7, 1931, and other newspapers. By indicating the need of an agency for aiding the quick conversion of assets into cash the way was pointed out for an organization such as the Reconstruction Finance Corporation.

7. A definite plan to put 2,000,000 unemployed to work in 60 days, costing less than it cost to keep them on the bread-line basis, was submitted to the leaders of Congress in November, 1931, before Congress assembled. An outline of the plan was published in the New York Herald-Tribune for November 6, 1931, and other newspapers.

8. When it was stared by leaders that putting unemployed to work could not be done because the funds could not be obtained by the Government, the council made a survey of the cash resources and showed that there was over $30,000,000,000 of idle funds awaiting to be invested in Government securities. The correctness was established when the Government asked for bids for Treasury notes and certificates, at from only 14 to 34 percent interest and the oversubscription amounted to over $10,000,000,000 on two issues.

9. When the emergency relief bill was being considered by the conferees of the House and Senate, letters were written to the conferees, urging them to include a provision for extending credit to industrials, pointing out that industrials were in a position to put unemployed to work immediately. The provision was included in the bill. But President Hoover vetoed the bill. That left the industrials without relief of any kind, the banks having determined on a policy of liquidity and short terms, which made it impossible to secure credits.