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.
[124] In all these estimates, I am conscious of being driven by a fear of overstating the case against the Treaty, of giving figures in excess of my own real judgment.