So, altogether,
Great Britain's credit to the Allies on March 31, 1921, was
L1,803,600,000, and has since been increased by the interests. Great
Britain had also at the same date a credit of L144,000,000 to her
dominions.
France has credit of little less than nine milliard francs, of which
875 millions is from Italy, four milliards from Russia, 2,250 millions
from Belgium, 500 millions from the Jugo-Slavs, and 1,250 millions
from other Allies. Italy has only small credits of no account.
Now this situation, by reason of which the victorious countries of
Europe are heavy debtors (France has a foreign debt of nearly 30
milliards, and Italy a debt of more than 20 milliards) in comparison
with Germany, which came out of the War without any debt, has created
a certain amount of bad feeling. Germany would have got on her feet
again quicker than the victors if she had no indemnity to pay and had
no foreign debts to settle.
France's anxieties in this matter are perfectly legitimate and must be
most seriously considered without, however, producing the enormities
of the Treaty of Versailles.
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