W. M. J. WILLIAMS

[Illustration: LOAN JUGGLERY

MICHAEL: “For my 100 marks I obtained a receipt. I gave this for a

second 100 marks and I received a second receipt. For the third loan

I gave the second receipt. Have I invested 300 marks and has the

Government got 300, or have both of us got nothing?”]

The "Land & Water" edition of Raemaekers' cartoons, volume 1 · 第 121 / 313 题