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sea, the roads, or the loss of public monuments/'And M. Loucheur, the Minister of IndustrialReconstruction, stated before the Senate on the17th February 1919 that the reconstitution of thedevastated regions would involve an expenditureof £3000 million (75 milliard francs),—more thandouble M. Pupin 's estimate of the entire wealthof their inhabitants. But then at that time M.Loucheur was taking a prominent part in advocatingthe claims of France before the Peace Conference ,and, like others, may have found strict veracityinconsistent with the demands of patriotism. 1

The figure discussed so far is not, however, thetotality of the French claims. There remain, inparticular, levies and requisitions on the occupiedareas and the losses of the French mercantile marineat sea from the attacks of German cruisers and sub-marines. Probably £200 million would be ampleto cover all such claims ; but to be on the safe side,we will, somewhat arbitrarily, make an addition tothe French claim of £300 million on all heads,bringing it to £800 million in all.

The statements of M. Dubois and M. Loucheurwere made in the early spring of 1919. A speechdelivered by M. Klotz before the French Chamber sixmonths later (Sept. 5, 1919), was less excusable. Inthis speech the French Minister of Finance estimated

1 Some of these estimates include allowance for contingent and immaterialdamage as well as for direct material injury.