present time.
We have, therefore, a figure of from $500,000,000 to $1,250,000,000 as the maximum contribution from Germany's foreign securities.
Her immediately transferable wealth is composed, then, of—
(a) Gold and silver—say $300,000,000.
(b) Ships—$600,000,000.
(c) Foreign securities—$500,000,000 to $1,250,000,000.
Of the gold and silver, it is not, in fact, practicable to take any substantial part without consequences to the German currency system injurious to the interests of the Allies themselves. The contribution from all these sources together which the Reparation Commission can hope to secure by May, 1921, may be put, therefore, at from $1,250,000,000 to $1,750,000,000 as a maximum.122
2. Property in ceded Territory or surrendered under the Armistice
As the Treaty has been drafted Germany will not receive important credits available towards meeting reparation in respect of her property in ceded territory.
Private property in most of the ceded territory is utilized towards discharging private German debts to Allied nationals, and only the surplus, if any, is available