To some readers this figure may seem low, but let them remember that it purports to represent the remnant of _saleable_ securities upon which the German Government might be able to lay hands for public purposes. In my own opinion it is much too high, and considering the problem by a different method of attack I arrive at a lower figure. For leaving out of account sequestered Allied securities and investments in Austria, Russia, etc., what blocks of securities, specified by countries and enterprises, can Germany possibly still have which could amount to as much as $1,250,000,000? I cannot answer the question. She has some Chinese Government securities which have not been sequestered, a few Japanese perhaps, and a more substantial value of first-class South American properties. But there are very few enterprises of this class still in German hands, and even _their_ value is measured by one or two tens of millions, not by fifties or hundreds. He would be a rash man, in my judgment, who joined a syndicate to pay $500,000,000 in cash for the unsequestered remnant of Germany's overseas investments. If the Reparation Commission is to realize even this lower figure, it is probable that they will have to nurse, for some years, the assets which they take over, not attempting their disposal at the present time. We have, therefore, a figure of from $500,000,000 to $1,250,000,000 as the maximum contribution from Germany's foreign securities. Her immediately transferable wealth is composed, then, of-- (_a_) Gold and silver--say $300,000,000. (_b_) Ships--$600,000,000. (_c_) Foreign securities--$500,000,000 to $1,250,000,000. Of the gold and silver, it is not, in fact, practicable to take any substantial part without consequences to the German currency system injurious to the interests of the Allies themselves. The contribution from all these sources together which the Reparation Commission can hope to secure by May, 1921, may be put, therefore, at from $1,250,000,000 to $1,750,000,000 _as a maximum_.[124] 2. _Property in ceded Territory or surrendered under the Armistice_ As the Treaty has been drafted Germany will not receive important credits available towards meeting reparation in respect of her property in ceded territory. _Private_ property in most of the ceded territory is utilized towards discharging private German debts to Allied nationals, and only the surplus, if any, is available towards Reparation. The value of such property in Poland and the other new States is payable direct to the owners.