Assuming that in her case $1,250,000,000 are included for the general expenses of the war defrayed out of loans made to Belgium by her allies.

M. Klotz has estimated the French claims on this head at $15,000,000,000 (75 milliard francs, made up of 13 milliard for allowances, 60 for pensions, and 2 for widows). If this figure is correct, the others should probably be scaled up also.

Plus $2,500,000 for investments other than securities.

Net investments, i.e. after allowance for property in Germany owned abroad. This may also be the case with some of the other estimates.

This estimate, given in the Weltwirtschaftszeitung (June 13, 1919), is an estimate of the value of Germany's foreign investments as at the outbreak of war.