254 THE ECONOMIC CONSEQUENCES OF THE PEACE ch.
Loans to
Total.
£
£
£
£
842,000,000
842,000,000
550,000,000
508,000,000
1,058,000,000
325,000,000
467,000,000
35,000,000
827,000,000
38,000,000
568,000,000*
160,000,000
766,000,000
80,000,000
98,000,000 2
90,000,000
268,000,000
Jugo-Slavia
20,000,000
20,000,000 2
20,000,000
60,000,000
Other
35,000,000
. 79,000,000
50,000,000
164,000,000
Total .
1,900,000,000 3
1,740,000,000
355,000,000
3,995,000,000
Thus the total volume of Inter-Ally indebtedness,assuming that loans from one Ally are not set offagainst loans to another, is nearly £4,000,000,000.The United States is a lender only. The UnitedKingdom has lent about twice as much as she hasborrowed. France has borrowed about three timesas much as she has lent. The other Allies have beenborrowers only.
If all the above Inter-Ally indebtedness weremutually forgiven, the net result on paper (i.e. assum-ing all the loans to be good) would be a surrenderby the United States of about £2,000,000,000 andby the United Kingdom of about £900,000,000.France would gain about £700,000,000 and Italy
The total excludes loans raised by the United Kingdom on the market inthe United States, and loaus raised by France on the market in the UnitedKingdom or the United States, or from the Bank of England .
1 This allows nothing for interest on the debt since the BolshevikRevolution.
2 No interest has been charged on the advances made to these countries.
3 The actual total of loans by the United States up to date is verynearly £2,000,000,000, but I have not got the latest details.