ction of the invaded countries, with the right to exact from
Germany, as part reparations, the delivery of machinery, heating
apparatus, furniture, etc.

Reimbursement to Belgium of all the sums loaned to her by the allied
and associated Powers during the War.

Compensation for the losses and damages sustained by the civilian
population of the allied and associated Powers during the period in
which they were at war with Germany (Art. 232 and Part viii, I).

Payment, during the first two years, of twenty milliard marks in
gold or by the delivery of goods, shipping, etc., on account of
compensation (Art. 235).

The reparations owed by Germany concern chiefly:

1st. Damages and loss of life and property sustained by the civilian
population.

2nd. Damages sustained by civilian victims of cruelty, violence or
ill-treatment.

3rd. Damages caused on occupied or invaded territories.

4th. Damages through cruelty to and ill-treatment of prisoners of war.

5th. Pensions and compensations of all kinds paid by the allied and
associated Powers to the military victims of the War and to their
families.

6th. Subsidies paid by the allied and associated Powers to the
families and other dependents of men having served in the army, etc.,
etc. (Part viii, I). These expenses, which have been calculated
at varying figures, commencing from 350 billions, have undergone
considerable fluctuations.

I have given the general lines of the Treaty of Versailles.

The other treaties, far less important, inasmuch as the situation
of all the losing countries was already well defined, especially as
regards territorial questions, by the Treaty of Versailles, are cast
in the same mould and contain no essential variation.

Now these treaties constitute an absolutely new fact, and no one can
affirm that the Treaty of Versailles derives even remotely from the
declarations of the Entente and from Wilson's solemn pledges uttered
in the name of those who took part in the War.

If the terms of the armistice were deeply in contrast with the pledges
to which the Entente Powers had bound themselves before the whole
world, the Treaty of Versailles and the other treaties deriving
therefrom are a deliberate negation of all that had been promised,
amounting to a debt of honour, and which had contributed much more
powerfully towards the defeat of the enemy than the entry in the field
of many fresh divisions.

In the state of extreme exhaustion in whic