ni THE BURDEN OF THE LONDON SETTLEMENT 73

from May to October 1921, converted into goldmarks, may be given with advantage :

Million Paper Marks.

Million Gold Marks. 1

Imports.

Exports.

Imports.

Exports.

Excess ofImports.

1921, May

5,487

4,512

374-4

307-9

66-5

„ June

6,409

5,433

388-8

329-7

59-1

„ July

7,580

6,208

413-7

338-7

75-0

„ August .

9,418

6,684

477-2

334-8

142-4

„ September

10,668

7,519

436-6

307-7

128-9

„ October 2

13,900

9,700

352-6

246-0

106-6

Total for six months

53,462

40,056

2443-3

1864-8

578-5

In respect of these six months Germany must makea fixed payment of 1000 million gold marks plus26 per cent of the exports as above, namely 484-8million gold marks, that is 1484-8 million gold marksaltogether, which is equal to about 80 per cent ofher exports ; whereas apart from any Reparationpayments, she had a deficit on her foreign trade atthe rate of more than 1 milliard gold marks perannum. The bulk of Germany 's imports are necessaryeither to her industries or to the food supply of thecountry. It is therefore certain that with exportsof (say) 6 milliards she could not cut her imports solow as to have the surplus of 3| milliards, which

1 The rates for conversion of paper marks into gold marks have beentaken as follows : Number of paper marks per 100 gold marks in May1465-5, June 1647-9, July 1832, August 1996-4, September 2443-2, October3942-6.

2 Provisional figures.