THE collection, selection, and organization of the material and the writing of the text of this survey are the joint product of Walter Lippmann, William O. Scroggs, and Charles Merz, the collaboration being carried out under the direction of Mr. Lippmann, with the advice and concurrence of the Research Committee of the Council on Foreign Relations. The committee has not attempted, however, to influence the result. The authors have been left wholly free to present their arguments and state their conclusions in their own way. Two objectives have been held in view-research and timeliness. If the authors had deliberated longer the fruits of their research would have been more mature, but the time would also have passed when they would be most useful. Events press the public and government relentlessly. We believe this book to be a contribution to the understanding of many current problems, financial and political, for which solutions must be found forthwith. First-hand observations and personal contacts with leaders here and abroad are reflected in the balanced judgments of the authors no less than in the marshaled facts upon which their conclusions rest. The sources include not only books but individuals and documents not generally accessible to students of international affairs. Interviews with statesmen in European capitals and Washington have played a part, and there are also interwoven the direct observations of the authors at the Disarmament Conference at Geneva and the Imperial Economic Conference at Ottawa. The results we believe to be of value, to a puzzled world.

~ For the Research Committee, ISAIAH BOWMAN, Chairman

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