the enemy some just grounds
for suspicion), their demand was not an improper one; for without the
German ships the business of transporting the food would have been
difficult, if not impossible, and the German ships surrendered or their
equivalent were in fact almost wholly employed in transporting food to
Germany itself. Up to June 30, 1919, 176 German ships of 1,025,388 gross
tonnage had been surrendered, to the Allies in accordance with the
Brussels Agreement.

[120] The amount of tonnage transferred may be rather greater
and the value per ton rather less. The aggregate value involved is not
likely, however, to be less than $500,000,000 or greater than
$750,000,000.

[121] This census was carried out by virtue of a Decree of
August 23, 1918. On March 22, 1917, the German Government acquired
complete control over the utilization of foreign securities in German
possession; and in May, 1917, it began to exercise these powers for the
mobilization of certain Swedish, Danish, and Swiss securities.

[122] 1892. Schmoller $2,500,000,000
1892. Christians 3,250,000,000
1893-4. Koch 3,000,000,000
1905. v. Halle 4,000,000,000[A]
1913. Helfferich 5,000,000,000[B]
1914. Ballod 6,250,000,000
1914. Pistorius 6,250,000,000
1919. Hans David 5,250,000,000[C]

[A] Plus $2,500,000 for investments other than securities.

[B] Net investments, _i.e._ after allowance for property in
Germany owned abroad. This may also be the case with some of the other
estimates.

[C] This estimate, given in the _Weltwirtschaftszeitung_ (June
13, 1919), is an estimate of the value of Germany's foreign investments
as at the outbreak of war.

[123] I have made no deduction for securities in the ownership
of Alsace-Lorrainers and others who have now ceased to be German
nationals.

[124] In all these estimates, I am conscious of being driven by
a fear of overstating the case against the Treaty, of giving figures in
excess of my own real judgment. There is a great difference between
putting down on paper fancy estimates of Germany's resources and
actually extracting contributions in the form of cash. I do not myself
believe that the Reparation Commission will secure real resources from
the above items by May, 1921, even as great as the _lower_ of the two
figures given above.

[125] The Treaty (see Art. 114) leaves it very dub