trong đó, bao gồm cả đường sắt, phải được tất cả các quyền và các chức danh của mình trên các tài sản ở nước ngoài của mình. "đầu hàng mà không thanh toán, trong khi, mặt khác, chính phủ Đức vẫn còn chịu trách nhiệm cho bất kỳ khoản nợ mà có thể đã được phát sinh cho việc mua hoặc xây dựng tài sản này, hoặc cho sự phát triển của các thuộc địa nói chung (8 *) phân biệt từ | THE ECONOMIC CONSEQUENCES OF THE PEACE 53 land and buildings is likely to be more accurate than the rest. On the other hand allowance has to be made for the increased costs of construction. Having regard to all these considerations I do not put the money value of the actual physical loss of Belgian property by destruction and loot above 150 million as a maximum and while I hesitate to put yet lower an estimate which differs so widely from those generally current I shall be surprised if it proves possible to substantiate claims even to this amount. Claims in respect of levies fines requisitions and so forth might possibly amount to a further 100 million. If the sums advanced to Belgium by her allies for the general costs of the war are to be included a sum of about 250 million has to be added which includes the cost of relief bringing the total to 500 million. The destruction in France was on an altogether more significant scale not only as regards the length of the battle-line but also on account of the immensely deeper area of country over which the battle swayed from time to time. It is a popular delusion to think of Belgium as the principal victim of the war it will turn out I believe that taking account of casualties loss of property and burden of future debt Belgium has made the least relative sacrifice of all the belligerents except the United States. Of the Allies Serbia s sufferings and loss have been proportionately the greatest and after Serbia France. France in all essentials was just as much the victim of German ambition as was Belgium and France s entry into the war was just as unavoidable. France in my judgment in spite of her policy at the peace conference a policy largely traceable to her sufferings has the greatest claims on our generosity. The special position occupied by Belgium in the popular mind is due of course to the fact that in 1914 her sacrifice was by far the greatest of any of the Allies. But after 1914 she played a minor role. .
