amount of land allowed one owner is set at thirty hectares, provided the farmer himself cultivates it aided only by his family. Otherwise the amount permitted is still smaller. Likewise, through Government policy, a rural coöperative system was brought into existence, to which the Bulgarian Agricultural Bank was pledged by law to give assistance, and the poorer people of the country were given opportunities to purchase the agricultural machines and implements necessary for proper working of the fields. In this way the Bulgarian farmer was rescued from the hand of the merciless village money-lender.

Personal credit and terms for notes and mortgages were made easier. Formerly personal credit was granted to the farmers only after a great deal of formality. For the smallest loan at the agrarian bank the farmer had to provide three sureties in order to get any money. To-day a farmer can get a loan up to five thousand leva on the security of his own signature without any surety at all. At the same time, in order to cover the risk to the State Bank, the Bulgarian law, which prohibits alienation of property in farm land, is not applied to the agrarian bank, which has the right to protect itself through public sale of the property of its dishonest clients. In this way the Government contrived to extend agricultural credit without inflicting undue risk on the most important institution of credit in Bulgaria.

So far as business, trade, and industry are concerned, Bulgaria had a great deal to contend with at the end of the war, as she still has. Bulgaria's foreign trade had grown up without commercial agreements. 'Most-favored-nation' treatment is the only principle on which the Bulgarian system of business and tariff rests. So far as the Allied Powers were concerned, this treatment

was demanded of Bulgaria in the peace treaty of Neuilly. While Bulgaria is thus obliged to grant most-favored-nation treatment to these states, she is led to grant similar treatment to the other states of Central Europe and to the neutral states without any special compulsion, but simply on the ground of reciprocity. An independent tariff law, introduced within the space of a year, will be applied to all states, and commercial treaties are still in preparation. The results of the economic investigations conducted in previous years will now be studied so as to become the basis some day for the conclusion of the commercial treaties themselves.

The Bulgarian Government is interested in placing the country's business on a coöperative basis. Everywhere and in every way the formation of coöperative unions will be favored and assisted. Great and small commercial concerns, which are likewise very greatly favored with the assistance of the Government, are forming, and the smaller industrialists find not only favor and support, but also a rational use for their economies. The coöperatives give their members favorable prices for the necessary materials, machines, and other equipment, and make it possible to sell their products at coöperative prices.

Industry also enjoys the special care of the Bulgarian Administration, which makes every effort to contribute to its advancement. Special support is given to industrial undertakings. They enjoy free import of materials and machines, and great favor is shown to their manufactures in railway transport. During the war Bulgarian industry was adversely affected, and the first care of the manufacturers was to set their plants in order. First of all, they had to adjust their debts to foreign creditors, so that their credit abroad might be as good as

possible. In this the Bulgarian manufacturers have in most cases been met halfway by their creditors. The manufacturers' second concern was to renew their factories, machines, apparatus, tools, and so forth, which had gone to pieces during the war very badly, and had fallen into great disorder. These had to be repaired, and capital and support had to be secured from the Government. Here again the Government came to their aid through special concessions and favors to coöperatives and coöperative unions that were to bring capital together for rational employment.

Bulgarian industry suffers chiefly from a lack of credit abroad and from the gold shortage at home. Before the war the manufacturers bought machines and materials abroad on credit. To-day they must pay in advance. Hence the instability of the exchange and the freibleibend clauses as regards delivery. It is greatly to be desired that the sellers in those countries which lead in the technical field of the Bulgarian market should in their own interests put prices and conditions on a more stable basis, since there are numerous cases where Bulgarian merchants and manufacturers are led to make their purchases in Austria and Germany because they are afraid of variations in the exchange and similar difficulties.

Foreign capitalists enjoy the same rights and the same protection in Bulgaria as the Bulgarians themselves. Bulgarian law, so far as protection for investors is concerned, is very thoroughgoing. This circumstance the

Government hopes will induce foreign capitalists not merely to invest a part of their money in the exploitation of mines and mineral industries that are already in operation in Bulgaria, but also to take part in the discovery of mineral that has not yet been laid open. The other branches of Bulgarian industry that use materials found in the country itself are in somewhat better condition. They seem to be independ ent of the fluctuations of the exchange rate and need only reckon with such circumstances as concern domestic commerce. This section of industry, to which great attention ought to be paid in foreign countries, disposes of its products not merely at home but also in part abroad, and is doing its little part toward adjusting the Bulgarian trade balance.

It is worth mentioning that the Bulgarian exchange grows better from day to day. This is explained by several reasons, chief among them the fact that the Bulgarian trade balance has recently come out almost even; second, that the state budget, which on account of high considerations of state could not be raised quite according to law, shows a relatively small balance; and finally, that the question of Bulgarian Reparations has taken a better turn and that the Reparations will be reduced in Bulgaria's favor.

All of these, as well as other less important considerations, exert a good influence over the Bulgarian exchange, improvement in which will bring the more stable times which Bulgarian agriculture, business, and industry so badly need.

THOSE WHO Occupy themselves with the fine arts divide mankind into two great divisions, the 'active' and the 'imaginative.' The Turks belong in the first class.

I put the Turk in the 'active' class because he avoids theories: he does not like empty dreams; he has a great appetite for reality; in his opinion the value of an idea is to be estimated by the results of its application. The Turk regards as sound every judgment which yields positive results; sterile ideas even though they sparkle are useless.

A Turk is master of his actions; he avoids wasteful activity. Observe a Turk as he talkshow reticent he is in interpreting his remarks with gestures. In this respect the Turks are wholly different from the Arabs.

At this moment the bazaars of Konia and Jidda come before my eyes. Though Konia compared with Jidda is a populous city, a profound calm pervades its bazaars. Now and then customers go and come -alone or in groups as if cautious about making any noise either with their lips or with their feet. They enter the bazaar with the definite purpose of buying or selling something, for a Turk does not busy himself with an affair unless eventually it is likely to be fruitful. On the other hand, although Jidda is a little city of only 25,000 people, its bazaars from morning till evening resound with a great hubbub. The crowd surges like a river from north to south and from south to north every hour. The 'ayns' explode in the larynx like

cartridges, and the 'khas' tear the throat. Arms whirling in nervous contractions beat the air. Bargaining is a quarrel, conversation a fight. The Arab, unlike the Turk, is prodigal of words and gestures. In the Jidda market in one hour you will see the same Bedouin Arab pass in front of you six or seven times; he unnecessarily went too far, so he turns back unnecessarily. He does not measure his actions by his purpose.

I have heard the remark of some of those who observe the Arab as he roams about and the Turk as he avoids extra exertion: 'Oh, how active those Arabs are! They are not like our Turks at all!' The truth is that the Arab is not 'active,' for the term 'action' cannot be applied to every movement. Only those movements which are ingenious, resourceful, creative, inventive are called 'action.' Those men are 'active' who execute not movements pure and simple, but only those movements which bring results. The Turk does not like useless movements. When he starts out, his purpose is determined and he always prefers the shortest way, if he knows where it is. In the street he keeps his destination in mind and moves steadily toward it. He does not like to turn aside or to lengthen his way. Those who know the Turk superficially think he is lazy.

By nature the Turk leads an active life. His conscientious desire is always to make real progress. He works with this in view. But do not expect any futile haste from the genuine Turk. A

millstone in motion grinding no meal represents exactly what the Turk is not.

Let it not be understood that we deny the imaginative aspect of a Turk's life. Though a farmer may not think much as he works in the field, in the evening, as he sits musing in the moonlight under the plane tree in the village, he often loses himself in fancy. That the shepherd, stretching himself out in the shade as he tends his flock, does not lie dreamless, is quite evident. It is true, these flights of a Turk's fancy centre around a well-laden table or a fresh kiss, 'not, ordinarily, around a work of art, a religious sect, or a philosophy. The Turk does not care very much for speculative affairs. At the same time let us not think that he is selfish; he is in love only with what is really useful. Do you wish arms to move, point out some useful aspect of this movement. He does not wish to look simply for the sake of seeing something. For this reason the Turk is not ordinarily a man of sufficient observation. He even observes the life that surrounds him only when observation aids his activity as if on the stage of this planet he were ambitious to be a real actor and not a spectator.

No one can distinguish between history and fable so clearly as the Turk. The mythmakers of ancient Greece would probably find it difficult to prove to the Turk that the impossible is possible. The Turk unerringly distinguishes between truth and falsehood by means of a native sense of logic; and he spurns truths which do not relate to him, calling them a little fanciful. He does not run after disappearing horizons; he gazes at the creative soil just in front of him. While he ploughs the surface of the field, he does not think of the strata of the earth. The two chief poles of his world of anxiety are to achieve' and 'to gather in.' The mind of the Turk develops on the

surface before it delves in the depths. We see him interested in local history rather than in general history. In the local news the events which interest him most are those which have a direct bearing upon his own life and interest. A Turk finds events of secondary importance which touch his life more worthy of attention than really important distant events. For example, the elections for the village council of elders seem more important to him than the elections for the provincial representatives and questions pertaining to the cabinet of the central government. When it comes to complex social problems, the first thought of the Turk is with reference to the aspects of those problems that concern him. It is for this reason that the doings of the present day are of far more concern to us than those of the distant past or of the dim future. And when we probe the past and the future, the importance of events is measured by the closeness of their relation to the present day and to modern history.

In the Turk's mental make-up the period of discussion ordinarily is not long. His mental machinery takes no notice of motives which tend to postpone his choice. Thus it happens that a Turk gives his decision with reference to any question relatively quickly. Once he has made a decision, he chooses the simplest means and the shortest paths, and he proceeds with perfect confidence. Examine the mind of a Turk who undertakes industrial, commercial, or political tasks. You will not be able to find in it the fear of failure, for the Turk is strong-willed and extremely optimistic.

The Turk lays great store by his moral and religious convictions, for he knows that no one has ever suffered any injury from them in his life. Islam has been to us an incitement to action and a motive for effort. We have no

genius for mysticism. Turkish mystics may be regarded as children compared with Persian mystics.

A Turk's national feelings are well developed. Without loving war, he is a warrior, for war is a testing-ground of his active virtues. Especially when it is necessary to defend fatherland and faith, no people can approach the Turk in self-sacrifice. Yet even for the sake of an idea he does not wish to shed blood.

A Turk's political views depend upon advantages that can be realized at once. In politics he has respect only for positive facts. A Turk's wisdom does not fathom diplomatic successes which do not bring peace to the country. With us, as in every nation, an intellectual group exists, but in this group also minds ordinarily act from motives of gain or curiosity. At the point where profit fails curiosity ceases. A Turk is very rarely seen who learns for learning's sake, or seeks for the love of finding, or toils solely for the love of knowledge. I believe that inventors

might easily arise among us, but discoverers we produce with great difficulty. I agree with those who liken us to the English and to the Americans in this respect.

My conviction is that America affords the cultural environment which can most readily suit the Turk's intellectual genius. It must be for this reason that Turks who go to America always return with a noteworthy mental equipment.

The Turk has an objective mentality. He is inclined to think that the entire universe is confined within perceptible horizons. He usually expresses his feelings with crystallized proverbs and metaphors drawn from the physical world. He regards history as if it were a series of epochs. To him greater rewards are promised in the field of practical life than in the theoretical. Since in all civilized lands our age endeavors to produce 'active' personalities in place of the old lovers of theory, we should count our native temperament a pure gift from God.

THE present situation in Yugoslavia, remote though it may seem, is nevertheless a matter of grave importance in European politics. The peace of Central and Southeastern Europe is, at the present moment, largely dependent on a state of deadlock; it is in unstable equilibrium.

Hungary resents her territorial losses

with a resentment that can only be compared with French feeling on the question of Alsace. 'Français, voulezvous quatre Alsaces?'- that is a specimen of the posters placarding the streets of Pest. Hungarian Irredentist societies, with their secret badges, their propaganda, their war-cry of 'Nem! Nem! Soha!' are growing in