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A REVISION OF THE TREATY

CHAP.

II. The Satisfaction of the Allies

France. —Is it in the interest of France to acceptthis settlement ? If it is combined with further con-cessions from Great Britain and the United States by the cancellation of her debts to them, it isoverwhelmingly in her interest.

What is her present balance-sheet of claims andliabilities ? She is entitled to 52 per cent of whatGermany pays. On p. 69 I have calculated whatthis will be under the London Settlement, (a) onthe basis of German exports at the rate of 6 milliards,namely 3-56 milliard gold marks ; and (b) on thebasis of exports at the rate of 10 milliards, namely4-60 milliard gold marks. France 's share, therefore,is 1-85 milliards per annum on assumption (a), and2-39 milliards on assumption (b). On the other hand,she owes the United States $3634 million and theUnited Kingdom £557 million. If these sums beconverted into gold marks at par, and the annualcharge on them is calculated at 5 per cent for interestand 1 per cent for sinking fund, her liability is 1-48milliards per annum. That is to say, if Germany pays in full and if the more favourable assumption(b) is adopted as to the growth of her exports, themost for which France can hope under existingarrangements is a net sum of -91 milliard gold marks(£45,500,000 gold) per annum. Whereas under therevised scheme she will not only be entitled to a