No estimates are available to me of Germany's investments in Bulgaria.

Altogether I venture a deduction of $2,500,000,000 in respect of this group of countries as a whole.
Resales and the pledging as collateral of securities during the war under (iii.) I put at $500,000,000 to $750,000,000, comprising practically all Germany's holding of Scandinavian, Dutch, and Swiss securities, a part of her South American securities, and a substantial proportion of her North American securities sold prior to the entry of the United States into the war.
As to the proper deduction under (iv.) there are naturally no available figures.

For months past the European press has been full of sensational stories of the expedients adopted.

But if we put the value of securities which have already left Germany or have been safely secreted within Germany itself beyond discovery by the most inquisitorial and powerful methods at $500,000,000, we are not likely to overstate it.
These various items lead, therefore, in all to a deduction of a round figure of about $5,000,000,000, and leave us with an amount of $1,250,000,000 theoretically still available.[123] 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.