antile marine we should have been confronted with the
absurd paradox that the victorious nations would have issued from
the War worn out, with their territories destroyed, and with a huge
foreign debt; Germany would have had her territory quite intact, her
industries ready to begin work again, herself anxious to start
again her productive force, and in addition with no foreign debt,
consequently ample credit abroad. In the mad struggle to break
up Germany there has had part not only hatred, but also a quite
reasonable anxiety which, after all, must be taken into consideration.

Even to-day, three years after the War, Great Britain has not paid her
debt to America, and France and Italy have not paid their debts to
America and Great Britain. Great Britain could pay with a great
effort; France and Italy cannot pay anyhow.

According to the accounts of the American Treasury the Allies' War
debt is 9,587 millions of dollars: 4,277 millions owing from Great
Britain, 2,977 millions from France, 1,648 millions from Italy, 349
millions from Belgium, 187 millions from Russia, 61 millions from
Czeko-Slovakia, 26 millions from Serbia, 25 millions from Rumania, and
15 millions from Greece. Up to last July Great Britain had paid back
110 millions of dollars. Since the spring of 1919 the payment of
the interest on the amounts due to the American Treasury has been
suspended by some European States. Between October and November, 1919,
the amount of the capitalizing and unpaid interests of the European
States came to 236 million dollars. The figure has considerably
increased since then.

According to the _Statist_ (August 6, 1921) the Allies' debt to the
United States on March 31, 1921, amounted to ten milliards and 959
million dollars, including the interests, in which sum Great Britain
was interested to the sum of 4,775 million dollars and France for
3,351 million dollars. But the _Statist's_ figures, in variance to the
official figures, include other debts than strictly war debts.

The debts of the various allied countries' to Great Britain on March
31, 1921, according to a schedule annexed to the financial
statement for 1921-22, published by the British Treasury, came to
L1,777,900,000, distributed as follows: France 557 millions, Italy
476 millions, Russia 561 millions, Belgium 94 millions, Serbia 22
millions, Portugal, Rumania, Greece and other Allies 66 millions. This
sum represents War debts. But to it must be added the L9,90