v REPARATION 165

miracle if much remains for Reparation. Thecountries of the Allies and of the United States , thecountries of Germany 's own allies, and the neutralcountries adjacent to Germany exhaust between themalmost the whole of the civilised world; and, as wehave seen, we cannot expect much to be available forReparation from investments in any of these quarters.Indeed there remain no countries of importance forinvestments except those of South America .

To convert the significance of these deductionsinto figures involves much guesswork. I give thereader the best personal estimate I can form afterpondering the matter in the light of the availablefigures and other relevant data.

I put the deduction under (i.) at £300,000,000,of which £100,000,000 may be ultimately availableafter meeting private debts, etc.

As regards (ii.)—according to a census takenby the Austrian Ministry of Finance on the31st December 1912, the nominal value of theAustro-Hungarian securities held by Germans was£197,300,000. Germany 's pre-war investments inRussia outside Government securities have beenestimated at £95,000,000, which is much lowerthan would be expected, and in 1906 Sartorius v.Waltershausen estimated her investments in Russian Government securities at £150,000,000. This givesa total of £245,000,000, which is to some extentborne out by the figure of £200,000,000 given in