France paid $400,000,000 for the property, the United States accepting in payment interest-bearing 10-year French bonds. Not all the property listed in the original inventory was involved in the sale. America made certain exceptions: (1) all animals (these were sold separately for a total of $29,016,506.59); (2) supplies previously sold out of the surplus stocks to France herself and other buyers to the value of $77,265,597.83; (3) military equipment returned to the United States, valued at $15,000,000; (4) supplies needed for the maintenance of the remnant of the A. E. F., worth $4,000,000; and (5) supplies worth $10,000,000 turned over to the American Red Cross as a gift. Thus, the utilization value of the original inventory was scaled down by these subtractions to approximately $427,000,000, and for this quantity the French Government paid $400,000,000--a fair return. It should be noted that in paying this price the French Government also canceled its claim for the payment of customs duties on the goods, and a conservative estimate placed the aggregate amount of these unpaid duties at $150,000,000. An even greater benefit to us was the fact that by the terms of the settlement France assumed all land claims which might otherwise have been pressed upon the United States by French nationals for years to come. The bulk sale to France was the largest single transaction in the disposition of the A. E. F. surplus; but there were many other sales, some of them large. Goods went in these transactions to the governments of the Allies (France herself, outside the general sale, being a purchaser to the extent of $95,000,000), to individuals, companies, and syndicates in western Europe, to relief societies, to coöperative societies in the Balkans (these, being the economic organization of whole peoples, were not affected by political changes and sometimes seemed to have greater stability than the new governments themselves), to the governments of the so-called “liberated nations,” and to other purchasers. Although the United States Liquidation Commission made every effort to keep each transaction on the dollar basis, it was not always possible to do so, and payments were accepted in pounds sterling, in francs, in marks, and in other European currency, sometimes much depreciated. Yet, translating foreign money into terms of the dollar at average rates of exchange, and adding in the $400,000,000 received from France, we reach a total of approximately $800,000,000 received by the United States for the entire quantity of American military property left in Europe after the return of the expedition. It is roughly estimated that the property thus sold cost the United States $1,328,000,000. The salvage return, therefore, was practically 60 per cent of the cost. The miscellaneous sales transactions have practically all been closed, and the receipts have been covered into the Treasury. The French $400,000,000 is represented by bonds maturing in 1929.