This elaborate statistical report amounts to a survey and analysis of the financial aspect of our international position. The volume is concerned with a study of the remarkable change which has taken place in the past twenty years, and has transformed the United States from a debtor to a great creditor nation. The reaction of this change upon our trade relations and upon our domestic banking conditions is set forth in great detail and with a wealth of factual material. The writers of the report do not anticipate an equally rapid expansion of foreign investments in the future, but believe that our position as a predominant creditor nation must be reckoned with. On the whole the volume is valuable and should interest all students of international relations.