[81] These notes, estimated to amount to no less than six thousand million marks, are now a source of embarrassment and great potential loss to the Belgian Government, inasmuch as on their recovery of the country they took them over from their nationals in exchange for Belgian notes at the rate of Fr. 120 = Mk. 1. This rate of exchange, being substantially in excess of the value of the mark-notes at the rate of exchange current at the time (and enormously in excess of the rate to which the mark notes have since fallen, the Belgian franc being now worth more than three marks), was the occasion of the smuggling of mark-notes into Belgium on an enormous scale, to take advantage of the profit obtainable. The Belgian Government took this very imprudent step, partly because they hoped to persuade the Peace Conference to make the redemption of these bank-notes, at the par of exchange, a first charge on German assets. The Peace Conference held, however, that Reparation proper must take precedence of the adjustment of improvident banking transactions effected at an excessive rate of exchange. The possession by the Belgian Government of this great mass of German currency, in addition to an amount of nearly two thousand million marks held by the French Government which they similarly exchanged for the benefit of the population of the invaded areas and of Alsace-Lorraine, is a serious aggravation of the exchange position of the mark. It will certainly be desirable for the Belgian and German Governments to come to some arrangement as to its disposal, though this is rendered difficult by the prior lien held by the Reparation Commission over all German assets available for such purposes. [82] It should be added, in fairness, that the very high claims put forward on behalf of Belgium generally include not only devastation proper, but all kinds of other items, as, for example, the profits and earnings which Belgians might reasonably have expected to earn if there had been no war. [83] "The Wealth and Income of the Chief Powers," by J.C. Stamp (_Journal of the Royal Statistical Society_, July, 1919). [84] Other estimates vary from $12,100,000,000 to $13,400,000,000. See Stamp, _loc. cit._ [85] This was clearly and courageously pointed out by M. Charles Gide in _L'Emancipation_ for February, 1919. [86] For details of these and other figures, see Stamp, _loc. cit._