Apart from her colonies, Germany
has given up all her mercantile marine fleet, her submarine cables,
much railway material and war material, government property in ceded
territory without any diminution of the amount of public debts, etc.
Without taking account, then, of the colonies and her magnificent
commercial organization abroad, Germany has parted with at least 20
milliards. If we were to calculate what Germany has ceded with the
same criteria with which the conquering countries have calculated
their losses, we should arrive at figures much surpassing these. We
may agree in taxing Germany with an indemnity equivalent in gold marks
to 60 milliards of francs at par--an indemnity to be paid in the
following manner:
(a) Twenty milliards of francs to be considered as already paid in
consideration of all that Germany has ceded in consequence of the
treaties.
(b) Twenty milliards from the indemnity which Germany must pay to her
conquerors, especially in coal and other materials, according to the
proportions already established.
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