Before the United States came into the war, she is believed to have resold a large part of the pick of her investments in American securities, although some current estimates of these sales (a figure of $300,000,000 has been mentioned) are probably exaggerated.

But throughout the war and particularly in its later stages, when her exchanges were weak and her credit in the neighboring neutral countries was becoming very low, she was disposing of such securities as Holland, Switzerland, and Scandinavia would buy or would accept as collateral.

It is reasonably certain that by June, 1919, her investments in these countries had been reduced to a negligible figure and were far exceeded by her liabilities in them.

Germany has also sold certain overseas securities, such as Argentine cedulas, for which a market could be found.
(iv.) It is certain that since the Armistice there has been a great flight abroad of the foreign securities still remaining in private hands.

This is exceedingly difficult to prevent.