[119] The Allies made the supply of foodstuffs to Germany during the Armistice, mentioned above, conditional on the provisional transfer to them of the greater part of the Mercantile Marine, to be operated by them for the purpose of shipping foodstuffs to Europe generally, and to Germany in particular.  The reluctance of the Germans to agree to this was productive of long and dangerous delays in the supply of food, but the abortive Conferences of Treves and Spa (January 16, February 14-16, and March 4-5, 1919) were at last followed by the Agreement of Brussels (March 14, 1919).  The unwillingness of the Germans to conclude was mainly due to the lack of any absolute guarantee on the part of the Allies that, if they surrendered the ships, they would get the food.  But assuming reasonable good faith on the part of the latter (their behavior in respect of certain other clauses of the Armistice, however, had not been impeccable and gave the enemy some just grounds for suspicion), their demand was not an improper one; for without the German ships the business of transporting the food would have been difficult, if not impossible, and the German ships surrendered or their equivalent were in fact almost wholly employed in transporting food to Germany itself.  Up to June 30, 1919, 176 German ships of 1,025,388 gross tonnage had been surrendered, to the Allies in accordance with the Brussels Agreement.

[120] The amount of tonnage transferred may be rather greater and the value per ton rather less.  The aggregate value involved is not likely, however, to be less than $500,000,000 or greater than $750,000,000.

[121] This census was carried out by virtue of a Decree of August 23, 1918.  On March 22, 1917, the German Government acquired complete control over the utilization of foreign securities in German possession; and in May, 1917, it began to exercise these powers for the mobilization of certain Swedish, Danish, and Swiss securities.

[122] 1892.  Schmoller $2,500,000,000
       1892.  Christians 3,250,000,000
       1893-4.  Koch 3,000,000,000
       1905. v.  Halle 4,000,000,000[A]
       1913.  Helfferich 5,000,000,000[B]
       1914.  Ballod 6,250,000,000
       1914.  Pistorius 6,250,000,000
       1919.  Hans David 5,250,000,000[C]

[A] Plus $2,500,000 for investments other than securities.

[B] Net investments, i.e. after allowance for property in Germany owned abroad.  This may also be the case with some of the other estimates.

[C] This estimate, given in the Weltwirtschaftszeitung (June 13, 1919), is an estimate of the value of Germany’s foreign investments as at the outbreak of war.

[123] I have made no deduction for securities in the ownership of Alsace-Lorrainers and others who have now ceased to be German nationals.