166 THE ECONOMIC CONSEQUENCES OF THE PEACE ch.

1911 by Dr. Ischchanian as a deliberately modestestimate. A Roumanian estimate, published at thetime of that country's entry into the war, gave thevalue of Germany's investments in Roumania at£4,000,000 to £4,400,000, of which £2,800,000 to£3,200,000 were in Government securities. Anassociation for the defence of French interests inTurkey, as reported in the Temps (Sept. 8, 1919),has estimated the total amount of German capitalinvested in Turkey at about £59,000,000, of which,according to the latest Report of the Council ofForeign Bondholders, £32,500,000 was held byGerman nationals in the Turkish External Debt.No estimates are available to me of Germany 'sinvestments in Bulgaria . Altogether I venture adeduction of £500,000,000 in respect of this groupof countries as a whole.

Resales and the pledging as collateral of securitiesduring the war under (iii.) I put at £100,000,000 to£150,000,000, comprising practically all Germany 'sholding of Scandinavian, Dutch, and Swiss securi-ties, a part of her South American securities, anda substantial proportion of her North Americansecurities sold prior to the entry of the United States into the war.

As to the proper deduction under (iv.) there arenaturally no available figures. For months past theEuropean press has been full of sensational stories ofthe expedients adopted. But if we put the value of