IV
THE REPARATION BILL
117
Milliard marks(gold).
333717114
93
This does not include Serbia , for which a separatefigure is not available, or the United States . Thetotal would work out, therefore, at about 100 milliardgold marks. 1
What does the aggregate of the claims work outat under all heads, and what relation does this totalbear to the final assessment of the Reparation Com-mission ? As the claims are stated in a variety ofnational currencies, it is not quite a simple matter toreach a total. In the following table French francsare converted into gold marks at 2-20 (the rateadopted by the Commission as explained above), ster-ling approximately at par (on the analogy of the ratefor francs), Belgian francs at the same rate as French francs, Italian lire at twice this rate, Serbian dinarsat four times this rate, and Japanese yen at par.
1 This is exactly the figure of the estimate which I gave in The EconomicConsequences of the Peace (p. 148). But I there added : " I feel much moreconfidence in the approximate accuracy of the total figure than its divisionbetween the different claimants." This proviso was necessary, as I hadover-estimated the claims of France and under-estimated those of theBritish Empire and of Italy.