The first of a series of annual volumes surveying the foreign relations of the United States, prepared under the direction of Charles P. Howland, Director of Research for the Council on Foreign Relations. Its broad scope may best be indicated by naming some of the chapter headings. The first section "American Foreign Policy" includes "Factors and Forces," "Traditions" and "Domestic Control." The section "The United States as an Economic Power" includes "Commercial Expansion," "The United States as a Creditor Nation," "State Department Supervision of Foreign Loans" and "International Implications of Gold Distribution." The third section is entitled "The United States and the League of Nations." The section "Financial Relations of the United States Government after the World War" includes "Reparations," "Debts," "The German Debts under the Treaty of Berlin" and "The Mixed Claims Commission, United States and Germany." The final section, entitled "Limitation of Armament," includes "Geneva," "Washington," "The Preparatory Commission, 1926," "The Three Power Conference," "1927 Assembly," "Naval Armaments: a Special American Interest," "Anglo-American Naval Controversy" and "Suggestions for an Anglo-American Naval Understanding." Mr. Howland has had collaboration in the preparation of important sections from Arthur Bullard, Herbert B. Elliston and Quincy Wright, besides advisory help and suggestions from an impressive list of international authorities and specialists. The appearance of this volume is a milestone in the comprehensive, detached and contemporaneous study of American foreign relations.