122 THE ECONOMIC CONSEQUENCES OF THE PEACE ch.

these claims rank against Germany , even whenthey were directly caused not by her but by herallies; but that it is not proposed to enter any suchclaims on behalf of Russia. 1 Italy' s losses by invasionand at sea cannob be very heavy, and a figure of from£50,000,000 to £100,000,000 would be fully adequateto cover them. The losses of Serbia, although froma human point of view her sufferings were thegreatest of all, 2 are not measured pecuniarily byvery great figures, on account of her low economicdevelopment. Dr. Stamp (loc. cit.) quotes an esti-mate by the Italian statistician Maroi, which puts thenational wealth of Serbia at £480 million or £105per head, 3 and the greater part of this would be re-presented by land which has sustained no permanent

1 There is a reservation in the Peace Treaty on this question. "TheAllied and Associated Powers formally reserve the right of Russia to obtainfrom Germany restitution and reparation based on the principles of thepresent Treaty " (Art. 116).

2 Dr. Diouritch in his " Economic and Statistical Survey of theSouthern Slav Nations" (Journal of Royal Statistical Society, May 1919),quotes some extraordinary figures of the loss of life: "According to theofficial returns, the number of those fallen in battle or died in captivityup to the last Serbian offensive, amounted to 320,000, which means thatone half of Serbia 's male population, from 18 to 60 years of age, perishedoutright in the European War. In addition, the Serbian Medical Authori-ties estimate that about 300,000 people have died from typhus among thecivil population, and the losses among the population interned in enemycamps are estimated at 50,000. During the two Serbian retreats and dur-ing the Albanian retreat the losses among children and young people areestimated at 200,000. Lastly, during over three years of enemy occupa-tion, the losses in lives owing to the lack of proper food and medicalattention are estimated at 250,000." Altogether, he puts the losses in lifeat above 1,000,000, or more than one-third of the population of Old Serbia.

3 Come si calcola e a quanto ammonia la vichezza oV Italia e delle altreprincipali nazioni } published in 1919.