The first is for the entire cancellation of Inter-Ally indebtedness (that is to say, indebtedness between the Governments of the Allied and Associated countries) incurred for the purposes of the war. This proposal, which has been put forward already in certain quarters, is one which I believe to be absolutely essential to the future prosperity of the world. It would be an act of far-seeing statesmanship for the United Kingdom and the United States, the two Powers chiefly concerned, to adopt it. The sums of money which are involved are shown approximately in the following table:--[161] -----------------+------------+------------+-----------+---------- Loans to | By United | By United | By France | Total | States | Kingdom | | -----------------+------------+------------+-----------+---------- | Million | Million | Million | Million | Dollars | Dollars | Dollars | Dollars | | | | United Kingdom | 4,210 | 0 | 0 | 4,210 France | 2,750 | 2,540 | 0 | 5,200 Italy | 1,625 | 2,335 | 175 | 4,135 Russia | 190 | 2,840[162]| 800 | 3,830 Belgium | 400 | 490[163]| 450 | 1,340 Serbia and | | | | Jugo-Slavia | 100 | 100[163]| 100 | 300 Other Allies | 175 | 395 | 250 | 820 | ----- | ----- | ----- | ------ Total | 9,450[164]| 8,700 | 1,775 | 19,925 | | | | -----------------+------------+------------+-----------+---------- Thus the total volume of Inter-Ally indebtedness, assuming that loans from one Ally are not set off against loans to another, is nearly $20,000,000,000. The United States is a lender only. The United Kingdom has lent about twice as much as she has borrowed. France has borrowed about three times as much as she has lent. The other Allies have been borrowers only.