162 THE ECONOMIC CONSEQUENCES OF THE PEACE ch.

on insufficient data, such as the admission of foreignsecurities to the German Stock Exchanges, thereceipts of the stamp duties, consular reports, etc.The principal German estimates current before thewar are given in the appended footnote. 1 Thisshows a general consensus of opinion among German authorities that their net foreign investments wereupwards of £1,250,000,000. I take this figure asthe basis of my calculations, although I believe it tobe an exaggeration ; £1,000,000,000 would probablybe a safer figure.

Deductions from this aggregate total have to bemade under four heads.

(i.) Investments in Allied countries and in theUnited States, which between them constitute aconsiderable part of the world, have been sequestratedby Public Trustees, Custodians of Enemy Property,and similar officials, and are not available forReparation except in so far as they show a surplus

1 1892. Schmoller...... £500,000,000

1892. Christians...... 650,000,000

1893-4. Koch....... 600,000,000

1905. v.Halle...... 800,000,000 •

1913. Helfferich...... 1,000,000,000 6

1914. Ballod....... 1,250,000,000

1914. Pistorius...... 1,250,000,000

1919. Hans David...... 1,050,000,000 c

a Plus £500.000.000 for investments other than securities.

b Net investments, i.e. after allowance for property in Germany ownedabroad. This may also he the case with some of the other estimates.

c This estimate, given in Weltwirtschaftszeitung (June 13, 1919), is anestimate of the value of Germany 's foreign investments as at the outbreakof war.