8
South Africa | 11.70 0.5 | 17.40 0.6
| ------ ---- | ------ ----
Total: British Empire | 456.95 18.1 | 491.20 18.2
| |
France | 197.45 7.8 | 146.05 5.4
Belgium | 137.75 5.5 | 86.15 3.2
Italy | 98.35 3.9 | 79.40 3.0
U.S.A. | 178.30 7.1 | 427.80 15.9
Russia | 220.00 8.7 | 356.15 13.2
Roumania | 35.00 1.4 | 19.95 0.7
Austria-Hungary | 276.20 10.9 | 206.80 7.7
Turkey | 24.60 1.0 | 18.40 0.7
Bulgaria | 7.55 0.3 | 2.00 ...
Other countries | 890.20 35.3 | 858.70 32.0
| ------ ---- | ------ ----
| 2,522.35 100.0 | 2,692.60 100.0
----------------------+--------------------+--------------------

The above analysis affords some indication of the possible magnitude of
the maximum modification of Germany's export balance under the
conditions which will prevail after the Peace. On the assumptions (1)
that we do not specially favor Germany over ourselves in supplies of
such raw materials as cotton and wool (the world's supply of which is
limited), (2) that France, having secured the iron-ore deposits, makes a
serious attempt to secure the blast-furnaces and the steel trade also,
(3) that Germany is not encouraged and assisted to undercut the iron and
other trades of the Allies in overseas market, and (4) that a
substantial preference is not given to German goods in the British
Empire, it is evident by examination of the specific items that not much
is practicable.

Let us run over the chief items again: (1) Iron goods. In view of
Germany's loss of resources, an increased net export seems impossible
and a large decrease probable. (2) Machinery. Some increase is possible.
(3) Coal and coke. The value of Germany's net export before the war was
$110,000,000; the Allies have agreed that for the time being 20,000,000
tons is the maximum possible export with a problematic (and in fact)
impossible increase to 40,000,000 tons at some future time; even on the
basis of 20,000,000 tons we have virtually no increase of value,
measured i