7 of the armistice terms, 5,000 locomotives and 150,000 trucks and carriages with all their accessories and fittings (Art. 250), Germany must hand over the railway systems of the territories she has lost, with all the rolling stock in a good state of preservation, and this measure applies even to Prussian Poland occupied by Germany during the War (Art. 371).

In the first phase the indemnities came into being from three words inserted almost by chance into the armistice treaty on November 2, 1918, réparation des dommages.

November 16Copenhagen reported many German ships due for surrender under armistice conditions.

Since the armistice prices have moved upwards and downwards with unprecedented violence; and it would be very rash to prophesy the precise level at which they will ultimately settle (using that word with considerable relativity).

We have seen the process by which the idea of the indemnity for damages, which was not contained either in the peace declaration of the Entente, nor in the manifestations of the various parliaments, nor in the first armistice proposals, nor in the armistice between Italy and Austria, was introduced in the armistice with Germany, out of pure regard for France, without taking heed of the consequences.