Come si calcola e a quanto ammonta la richezza d'Italia e delle altre principali nazioni, published in 1919.

Very large claims put forward by the Serbian authorities include many hypothetical items of indirect and non-material damage; but these, however real, are not admissible under our present formula.

It must be said to Mr. Hughes' honor that he apprehended from the first the bearing of the pre-Armistice negotiations on our right to demand an indemnity covering the full costs of the war, protested against our ever having entered into such engagements, and maintained loudly that he had been no party to them and could not consider himself bound by them. His indignation may have been partly due to the fact that Australia, not having been ravaged, would have no claims at all under the more limited interpretation of our rights.

The whole cost of the war has been estimated at from $120,000,000,000 upwards. This would mean an annual payment for interest (apart from sinking fund) of $6,000,000,000. Could any expert Committee have reported that Germany can pay this sum?

But unhappily they did not go down with their flags flying very gloriously. For one reason or another their leaders maintained substantial silence. What a different position in the country's estimation they might hold now if they had suffered defeat amidst firm protests against the fraud, chicane, and dishonor of the whole proceedings.