This is one of the scholarly monographs published under the auspices of the Bureau of International Research of Harvard and Radcliffe. The author has spent much time in Basel, has collected a mass of material, and her book is unquestionably the most exhaustive study of the first two years of the bank's activities. It approaches the problem from a broad angle, putting the bank into the larger setting of the reparations question and the general economic crisis. Much statistical matter is contained in the appendices.