d on the
principles of the present Treaty" (Art. 116).

[95] Dr. Diouritch in his "Economic and Statistical Survey of
the Southern Slav Nations" (_Journal of Royal Statistical Society_, May,
1919), quotes some extraordinary figures of the loss of life: "According
to the official returns, the number of those fallen in battle or died in
captivity up to the last Serbian offensive, amounted to 320,000, which
means that one half of Serbia's male population, from 18 to 60 years of
age, perished outright in the European War. In addition, the Serbian
Medical Authorities estimate that about 300,000 people have died from
typhus among the civil population, and the losses among the population
interned in enemy camps are estimated at 50,000. During the two Serbian
retreats and during the Albanian retreat the losses among children and
young people are estimated at 200,000. Lastly, during over three years
of enemy occupation, the losses in lives owing to the lack of proper
food and medical attention are estimated at 250,000." Altogether, he
puts the losses in life at above 1,000,000, or more than one-third of
the population of Old Serbia.

[96] _Come si calcola e a quanto ammonta la richezza d'Italia e
delle altre principali nazioni_, published in 1919.

[97] Very large claims put forward by the Serbian authorities
include many hypothetical items of indirect and non-material damage; but
these, however real, are not admissible under our present formula.

[98] Assuming that in her case $1,250,000,000 are included for
the general expenses of the war defrayed out of loans made to Belgium by
her allies.

[99] It must be said to Mr. Hughes' honor that he apprehended
from the first the bearing of the pre-Armistice negotiations on our
right to demand an indemnity covering the full costs of the war,
protested against our ever having entered into such engagements, and
maintained loudly that he had been no party to them and could not
consider himself bound by them. His indignation may have been partly due
to the fact that Australia, not having been ravaged, would have no
claims at all under the more limited interpretation of our rights.

[100] The whole cost of the war has been estimated at from
$120,000,000,000 upwards. This would mean an annual payment for interest
(apart from sinking fund) of $6,000,000,000. Could any expert Committee
have reported that Germany can pay this sum?

[101] But unhappily they did not go down with their fla