ty of the French
claims. There remain, in particular, levies and requisitions on the
occupied areas and the losses of the French mercantile marine at sea
from the attacks of German cruisers and submarines. Probably
$1,000,000,000 would be ample to cover all such claims; but to be on the
safe side, we will, somewhat arbitrarily, make an addition to the French
claim of $1,500,000,000 on all heads, bringing it to $4,000,000,000 in
all.

The statements of M. Dubois and M. Loucheur were made in the early
spring of 1919. A speech delivered by M. Klotz before the French Chamber
six months later (Sept. 5, 1919) was less excusable. In this speech the
French Minister of Finance estimated the total French claims for damage
to property (presumably inclusive of losses at sea, etc., but apart from
pensions and allowances) at $26,800,000,000 (134 milliard francs), or
more than six times my estimate. Even if my figure prove erroneous, M.
Klotz's can never have been justified. So grave has been the deception
practised on the French people by their Ministers that when the
inevitable enlightenment comes, as it soon must (both as to their own
claims and as to Germany's capacity to meet them), the repercussions
will strike at more than M. Klotz, and may even involve the order of
Government and Society for which he stands.

British claims on the present basis would be practically limited to
losses by sea--losses of hulls and losses of cargoes. Claims would lie,
of course, for damage to civilian property in air raids and by
bombardment from the sea, but in relation to such figures as we are now
dealing with, the money value involved is insignificant,--$25,000,000
might cover them all, and $50,000,000 would certainly do so.

The British mercantile vessels lost by enemy action, excluding fishing
vessels, numbered 2479, with an aggregate of 7,759,090 tons gross.[91]
There is room for considerable divergence of opinion as to the proper
rate to take for replacement cost; at the figure of $150 per gross ton,
which with the rapid growth of shipbuilding may soon be too high but can
be replaced by any other which better authorities[92] may prefer, the
aggregate claim is $1,150,000,000. To this must be added the loss of
cargoes, the value of which is almost entirely a matter of guesswork. An
estimate of $200 per ton of shipping lost may be as good an
approximation as is possible, that is to say $1,550,000,000, making
$2,700,000,000 altogether.

An