It is already at about 100 milliard of marks; if to-morrow it goes to 150 or to 200, it will be necessary to annul it, nearly the same as is done for bills of exchange.

The wealth of France, according to successive valuations, was calculated at 208 milliards of francs in 1905 (de Foville), at 214 milliards in 1908 (Turquan), at about 250 milliards according to other authors.

France has credit of little less than nine milliard francs, of which 875 millions is from Italy, four milliards from Russia, 2,250 millions from Belgium, 500 millions from the Jugo-Slavs, and 1,250 millions from other Allies.

If Germany exports, that is sells eight milliard marks' worth of goods abroad, she pays two milliards to the Reparations Commission.

2. The indemnity which Germany can pay annually in her present condition cannot, calculating goods and cash payments altogether, represent more than two or three milliards at the most.

The War had cost 700 milliard francs, and the claims for damage to persons and property amounted to at least 350 milliards for all the Allies together.