180 A REVISION OF THE TREATY chap.

Finance Minister in Europe with a possible problem.The rest must come gradually, and I will not burdenthe argument of this book by considering along whatlines the detailed solutions should be sought.

Who are the losers ? Even on paper—far more inreality—every continental country gains an advantage.But on paper the United States and the UnitedKingdom are losers. What is each of them giving up ?

Under the London Settlement Great Britain isentitled to 22 per cent of the receipts, which is from780 to 1010 million gold marks per annum (£39,000,000to £50,500,000 gold) according to which assumption isadopted as to the volume of German exports. She isowed by various European governments (includingEussia, see Appendix No. IX.) £1,800,000,000, which at6 per cent for interest and sinking fund is £108,000,000per annum. On paper she would forgo these sums,say £150,000,000 per annum, altogether. In actualfact, her prospects of securing more than a fractionof this amount are remote. Great Britain lives bycommerce, and most Englishmen now need but littlepersuading that she will gain more in honour, prestige,and wealth by employing a prudent generosity topreserve the equilibrium of commerce and the well-being of Europe , than by attempting to exact a hatefuland crushing tribute, whether from her victoriousAllies or her defeated enemy.

The United States would forgo on paper a capitalsum of about 6500 million dollars, which, at 6 per