Ii8 THE ECONOMIC CONSEQUENCES OF THE PEACE ch.

estimate by the opinion of M. Ren£ Pupin , theauthor of the most comprehensive and scientificestimate of the pre-war wealth of France , 1 which Idid not come across until after my own figure hadbeen arrived at. This authority estimates the materiallosses of the invaded regions at from £400 million to£600 million (10 to 15 milliards), 2 between whichmy own figure falls half-way.

Nevertheless, M. Dubois, speaking on behalf of theBudget Commission of the Chamber, has given thefigure of £2600 million (65 milliard francs) "as aminimum " without counting " war levies, losses at

debate occupied the Chamber during the spring of 1919, as to whetherinhabitants of the devastated area receiving compensation should becompelled to expend it in restoring the identical property, or whether theyshould be free to use it as they like. There was evidently a great deal tobe said on both sides ; in the former case there would be much hardshipand uncertainty for owners who could not, many of them, hope to recoverthe effective use of their property perhaps for years to come, and yet wouldnot be free to set themselves up elsewhere ; on the other hand, if suchpersons were allowed to take their compensation and go elsewhere, thecountryside of Northern France would never be put right. NeverthelessI believe that the wise course will be to allow great latitude and let economicmotives take their own course.

1 La Richesse de la France devant la Gtierrc, published in 1916.

2 Revue Bleue, February 3, 1919. This is quoted in a very valuableselection of French estimates and expressions of opinion, forming chapteriv. of La Liquidation JinancUre de la Guerre, by H. Charriaut and R.Hacault. The general magnitude of my estimate is further confirmed by theextent of tlx© repairs already effected, as set forth in a speech delivered byM. Tardieu on October 10, 1919, in which he said : 11 On September 16 last,of 2246 kilometres of railway track destroyed, 2016 had been repaired; of1075 kilometres of canal, 700 ; of 1160 constructions, such as bridges andtunnels, which had been blown up, 588 had been replaced ; of 550,000houses ruined by bombardment, 60,000 had been rebuilt; and of 1,800,000hectares of ground rendered useless by battle, 400,000 had been recultivated,200,000 hectares of which are now ready to be sown. Finally, more than10,000,000 metres of barbed wire had been removed."