120 THE ECONOMIC CONSEQUENCES OF THE PEACE ch.

the total French claims for damage to property (pre-sumably inclusive of losses at sea, etc., but apartfrom pensions and allowances) at £5360 million(134 milliard francs), or more than six times myestimate. Even if my figure prove erroneous, M.Klotz's can never have been justified. So grave hasbeen the deception practised on the French people bytheir Ministers that when the inevitable enlighten-ment comes, as it soon must (both as to their ownclaims and as to Germany 's capacity to meet them),the repercussions will strike at more than M. Klotz,and may even involve the order of Government andSociety for which he stands.

British claims on the present basis would bepractically limited to losses by sea—losses of hullsand losses of cargoes. Claims would lie, of course,for damage to civilian property in air raids and bybombardment from the sea, but in relation to suchfigures as we are now dealing with, the money valueinvolved is insignificant,—£5,000,000 might coverthem all, and £10,000,000 would certainly do so.

The British mercantile vessels lost by enemy action,excluding fishing vessels, numbered 2479, with anaggregate of 7,759,090 tons gross. 1 There is roomfor considerable divergence of opinion as to the properrate to take for replacement cost; at the figure of£30 per gross ton, which with the rapid growth of

1 A substantial part of this was lost in the service of the Allies ; thismust not be dupiicated by inclusion both in their ciaims and in ours.