94 A REVISION OF THE TREATY chap.

on so vast a scale that it placed foreign currency atthe disposal of Germany up to an aggregate valuewhich has been estimated at from £200,000,000 to£250,000,000. These resources enabled Germany ,partially at least, to replenish her food supplies andto restock her industries with raw materials, require-ments involving an excess of imports over exportswhich could not otherwise have been paid for. Inaddition it even enabled individual Germans toremove a part of their wealth from Germany forinvestment in other countries.

Meanwhile currency inflation was proceeding. Inthe course of the year 1920 the note circulation of theKeichsbank approximately doubled, whilst on balancethe exchange value of the mark had deteriorated onlyslightly as compared with the beginning of that year.

Moreover, up to the end of 1920 and even duringthe first quarter of 1921 Germany had made no cashpayments for Eeparation and had even received cash(under the Spa Agreement) for a considerable partof her coal deliveries.

After the middle of 1921, however, the variousinfluences, which up to that time had partly balancedone another, began to work all in one direction,that is to say, adversely to the value of the mark.Currency inflation continued, and during 1921 the notecirculation of the Keichsbank was nearly trebled,bringing it up to nearly six times what it had beentwo years earlier. Imports steadily exceeded exports