70 A REVISION OF THE TREATY chap.

to France , including coal, over the next five years hasbeen estimated at a possible total of 1-4 milliard goldmarks per annum. If France receives "4 milliardgold marks in coal, not more than 35 per cent of thebalance will be credited in the Eeparation account.If this were realised, the aggregate deliveries in kindmight approach 1 milliard. But, for various reasons,political and economic, this figure is unlikely to bereached, and if as much as -75 milliards per annum isrealised from coal and reconstruction deliveries, thisought to be considered a highly satisfactory result.

Now the payments were so arranged as to presentno insuperable difficulties during 1921. The instal-ment of August 31, 1921 (which did not exceed thesum which the Germans had themselves offered forimmediate payment in their counter-proposal ofApril 1921) was duly paid, partly out of foreignbalances accumulated before May 1 last, partlyby selling out paper marks over the foreign exchanges,and partly by temporary advances from an inter-national group of bankers. The instalment ofNovember 15, 1921, was covered by the value ofdeliveries of coal and other material subsequent toMay 1, 1921. Even the instalments of January15 and February 15, 1922, might be covered outof further deliveries, temporary advances, and theforeign assets of German industrialists, if the German Government could get hold of them. But the pay-ment of April 15,1922, must present more difficulty ;