IV

THE TREATY

8S

Every million tons she is forced to export must beat the expense of closing down an industry. Withresults to be considered later this within certainlimits is possible. But it is evident that Germany cannot and will not furnish the Allies with a con-tribution of 40,000,000 tons annually. Those AlliedMinisters, who have told their peoples that shecan, have certainly deceived them for the sakeof allaying for the moment the misgivings of theEuropean peoples as to the path along which theyare being led.

The presence of these illusory provisions (amongstothers) in the clauses of the Treaty of Peace isespecially charged with danger for the future. Themore extravagant expectations as to Reparationreceipts, by which Finance Ministers have deceivedtheir publics, will be heard of no more when theyhave served their immediate purpose of postponingthe hour of taxation and retrenchment. But thecoal clauses will not be lost sight of so easily,—forthe reason that it will be absolutely vital in the in-terests of France and Italy that these countries shoulddo everything in their power to exact their bond. Asa result of the diminished output due to Germandestruction in France , of the diminished output ofmines in the United Kingdom and elsewhere, and ofmany secondary causes, such as the breakdown oftransport and of organisation and the inefficiency ofnew governments, the coal position of all Europe is