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Updated: June 13, 2025
Trieste, which, with its suburbs, has a population of not far from 400,000, with its splendid terminal facilities, its vast harbor-works, its dry-docks and foundries, its railway communications with the hinterland, and, above all else, its position as the natural outlet for the trade of Austria, Bavaria and Czecho-Slovakia, constitutes not only Italy's most valuable prize of war, but, everything considered, probably the most important city, commercially at least, to change hands as a result of the conflict.
Even without any supply from Upper Silesia and Czecho-Slovakia, Poland could probably meet her requirements by the fuller exploitation of her own coalfields which are not yet scientifically developed, or from the deposits of Western Galicia which are now to be annexed to her.
In only one direction do I see light for English politics, and that is over towards Czecho-Slovakia. It appears that Czecho-Slovakia owes the British Exchequer fifty million sterling. I cannot quote the exact figure, but it is either fifty million or fifty billion. In either case Czecho-Slovakia is unable to pay.
It was the little States that stopped him the Petite Entente of Czecho-Slovakia and Jugo-slavia and Roumania, and of these powers chiefly the Czech. As long ago as January Karl's attempt to return was anticipated by the Czechs. They used it as the motive for making a ring round the hostile State. Hungary was the potential enemy of the three States which had taken over ex-Hungarian territory.
From Denmark, Germany, Czecho-Slovakia, Poland, Russia, Rumania, Syria, Italy have come passionate pilgrims who have set down, mostly in plain narratives, the chronicles of their migration.
It is said that Professor Keynes has proved that the best way to deal with the debt of Czecho-Slovakia is to send them whatever cash we have left, thereby turning the exchange upside down on them, and forcing them to buy all their Christmas presents in Manchester. It is wiser not to do anything of the sort.
There was some surplus wheat in the Banat, some surplus coal in Czecho-Slovakia, some extra locomotives in Vienna. So under the arbitrage of himself and his lieutenants there was set up a wholesale international bartering, a curious reversion to the primitive ways of early human society.
Roumanian lei are also much the same in appearance. Czech crowns and Serbo-Croat crowns are certainly different. But when your home is in Czecho-Slovakia and your place of business in Austria, and your aged father and mother in Hungary and your uncles and cousins in Croatia, you have a lively time with your money.
In addition to this the United States Treasury was already making monthly loans of several million dollars each to Roumania, Serbia, and Czecho-Slovakia. But while waiting for the Congressional appropriation the work had to be got going, and for this the President contributed $5,000,000 from his special funds available for extraordinary expenses.
Belgium, after defeating Czecho-Slovakia, was unable to finance her team to America to meet the winner of England and Australasia. England scored a fine victory over Spain when Randolph Lycett, F. Gordon Lowe and Max E. Woosnam defeated Manuel Alonzo and Count de Gomar in a close meeting.
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