This book, published for the Council on Foreign Relations, does not deal directly with the war or with its origins, but it has been included in this category because few books published in recent years have made more substantial contributions to the history of pre-war international relations in the broadest sense. Feis's book is the first adequate treatment of international loans in the years from 1870 to 1914, a subject the importance of which has long been recognized but the discussion of which has never got far beyond the stage of loose generalities. The scientific treatment of it involves a thorough command of the extensive literature of pre-war diplomacy as well as an intimate acquaintance with the sources of international finance. So far as the reviewer can see, Feis has not missed anything of importance. He not only knows the material, but he knows how to use it; he understands the political motives and considerations which lay behind these financial transactions. A large part of the volume is taken up with a pioneer study of the character of British, French and German foreign investments and the general policies followed by the governments towards investments abroad. The remainder is devoted to a review of the major enterprises -- the financing of Russia, the Balkan States, Egypt, Morocco, China and some of the less important countries. Other chapters deal with the vexed problems of Balkan and Asiatic railway. In many instances Feis's treatment is the only adequate one in existence, but even in the larger sense the book is a reliable and thoroughly readable piece of research, one that no student of international relations can afford to overlook.