of the Reparation Chapter.
Whatever the Treaty may say, the Reparation Commission will not secure any cash payments from Poland.

I believe that the Saar coalfields have been valued at from $75,000,000 to $100,000,000.

A round figure of $150,000,000 for all the above items, excluding any surplus available in respect of private property, is probably a liberal estimate.
Then remains the value of material surrendered under the Armistice.
Article 250 provides that a credit shall be assessed by the Reparation Commission for rolling-stock surrendered under the Armistice as well as for certain other specified items, and generally for any material so surrendered for which the Reparation Commission think that credit should be given, "as having non-military value." The rolling-stock (150,000 wagons and 5,000 locomotives) is the only very valuable item.

A round figure of $250,000,000, for all the Armistice surrenders, is probably again a liberal estimate.
We have, therefore, $400,000,000 to add in respect of this heading to our figure of $1,250,000,000 to $1,750,000,000 under the previous heading.

This figure differs from the preceding in that it does not represent cash capable of benefiting the financial situation of the Allies, but is only a book credit between themselves or between them and Germany.
The total of $1,650,000,000 to $2,150,000,000 now reached is not, however, available for Reparation.