156 THE ECONOMIC CONSEQUENCES OF THE PEACE ch.

1. Immediately transferable wealth in the formof gold, ships, and foreign securities ;

2. The value of property in ceded territory, orsurrendered under the Armistice ;

3. Annual payments spread over a term of years,partly in cash and partly in materials such as coalproducts, potash, and dyes.

There is excluded from the above the actualrestitution of property removed from territory occu-pied by the enemy,, as, for example, Eussian gold,Belgian and French securities, cattle, machinery, andworks of art. In so far as the actual goods takencan be identified and restored, they must clearlybe returned to their rightful owners, and cannotbe brought into the general reparation pool. This isexpressly provided for in Article 238 of the Treaty .

1. Immediately Transferable Wealth

(a) Gold. —After deduction of the gold to bereturned to Eussia, the official holding of gold asshown in the Eeichsbank's return of the 30th Nov-ember 1918 amounted to £115,417,900. This wasa very much larger amount than had appeared inthe Eeichsbank's return prior to the war, 1 and wasthe result of the vigorous campaign carried on inGermany during the war for the surrender to theEeichsbank not only of gold coin but of gold orna-

1 On July 23, 1914, the amount was £67,800,000.