For leaving out of account sequestered Allied securities and investments in Austria, Russia, etc., what blocks of securities, specified by countries and enterprises, can Germany possibly still have which could amount to as much as $1,250,000,000?
I cannot answer the question.

She has some Chinese Government securities which have not been sequestered, a few Japanese perhaps, and a more substantial value of first-class South American properties.

But there are very few enterprises of this class still in German hands, and even _their_ value is measured by one or two tens of millions, not by fifties or hundreds.

He would be a rash man, in my judgment, who joined a syndicate to pay $500,000,000 in cash for the unsequestered remnant of Germany's overseas investments.

If the Reparation Commission is to realize even this lower figure, it is probable that they will have to nurse, for some years, the assets which they take over, not attempting their disposal at the present time.
We have, therefore, a figure of from $500,000,000 to $1,250,000,000 as the maximum contribution from Germany's foreign securities.
Her immediately transferable wealth is composed, then, of-- (_a_) Gold and silver--say $300,000,000.
(_b_) Ships--$600,000,000.
(_c_) Foreign securities--$500,000,000 to $1,250,000,000.
Of the gold and silver, it is not, in fact, practicable to take any substantial part without consequences to the German currency system injurious to the interests of the Allies themselves.