The contribution from all these sources together which the Reparation Commission can hope to secure by May, 1921, may be put, therefore, at from $1,250,000,000 to $1,750,000,000 _as a maximum_.[124] 2.

_Property in ceded Territory or surrendered under the Armistice_ As the Treaty has been drafted Germany will not receive important credits available towards meeting reparation in respect of her property in ceded territory.
_Private_ property in most of the ceded territory is utilized towards discharging private German debts to Allied nationals, and only the surplus, if any, is available towards Reparation.

The value of such property in Poland and the other new States is payable direct to the owners.
_Government_ property in Alsace-Lorraine, in territory ceded to Belgium, and in Germany's former colonies transferred to a Mandatory, is to be forfeited without credit given.

Buildings, forests, and other State property which belonged to the former Kingdom of Poland are also to be surrendered without credit.

There remain, therefore, Government properties, other than the above, surrendered to Poland, Government properties in Schleswig surrendered to Denmark,[125] the value of the Saar coalfields, the value of certain river craft, etc., to be surrendered under the Ports, Waterways, and Railways Chapter, and the value of the German submarine cables transferred under Annex VII.