This annual survey remains a standard reference work; and it also makes good reading. The subjects treated are by no means limited to "diplomatic history." Three chapters deal with gold and government credit, silver and the price level, and the possibilities of international stabilization. There is a description of the recent trade treaties as an attempt to increase American commerce. Japanese expansion and Philippine independence each receives a chapter. There is a discussion of naval policies and the problem of disarmament. The United States, the League, and neutrality are treated at length in the concluding section. The style is clear and straightforward, the point of view objective. One of the few scholarly surveys of the rôle of the United States in the comity of nations.