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.And even if we puton one side the burden of the internal debt, which amounts to 240milliards of marks, as being a question of internal distributionrather than of productivity, we must still allow for the foreigndebt incurred by Germany during the war, the exhaustion of herstock of raw materials, the depletion of her livestock, theimpaired productivity of her soil from lack of manures and oflabour, and the diminution in her wealth from the failure to keepup many repairs and renewals over a period of nearly five years.Germany is not as rich as she was before the war, and thediminution in her future savings for these reasons, quite apartfrom the factors previously allowed for, could hardly be put atless than ten per cent, that is £40 million annually.These factors have already reduced Germany's annual surplusto less than the £100 million at which we arrived on othergrounds as the maximum of her annual payments.But even if therejoinder be made that we have not yet allowed for the loweringof the standard of life and comfort in Germany which mayreasonably be imposed on a defeated enemy,(58*) there is still afundamental fallacy in the method of calculation.An annualsurplus available for home investment can only be converted intoa surplus available for export abroad by a radical change in thekind of work performed.Labour, while it may be available andefficient for domestic services in Germany, may yet be able tofind no outlet in foreign trade.We are back on the same questionwhich faced us in our examination of the export trade -- in whatexport trade is German labour going to find a greatly increasedoutlet? Labour can only be diverted into new channels with lossof efficiency, and a large expenditure of capital.The annualsurplus which German labour can produce for capital improvementsat home is no measure, either theoretically or practically, ofthe annual tribute which she can pay abroad.IV.THE REPARATION COMMISSIONThis body is so remarkable a construction and may, if itfunctions at all, exert so wide an influence on the life ofEurope, that its attributes deserve a separate examination.There are no precedents for the indemnity imposed on Germanyunder the present treaty; for the money exactions which formedpart of the settlement after previous wars have differed in twofundamental respects from this one.The sum demanded has beendeterminate and has been measured in a lump sum of money; and soGet any book for free on: www.Abika.com THE ECONOMIC CONSEQUENCES OF THE PEACE84long as the defeated party was meeting the annual instalments ofcash, no further interference was necessary.But for reasons already elucidated, the exactions in thiscase are not yet determinate, and the sum when fixed will provein excess of what can be paid in cash and in excess also of whatcan be paid at all.It was necessary, therefore, to set up a bodyto establish the bill of claim, to fix the mode of payment, andto approve necessary abatements and delays.It was only possibleto place this body in a position to exact the utmost year by yearby giving it wide powers over the internal, economic life of theenemy countries who are to be treated henceforward as bankruptestates to be administered by and for the benefit of thecreditors.In fact, however, its powers and functions have beenenlarged even beyond what was required for this purpose, and thereparation commission has been established as the final arbiteron numerous economic and financial issues which it was convenientto leave unsettled in the treaty itself.(59*)The powers and constitution of the reparation commission aremainly laid down in articles 233-41 and annex II of thereparation chapter of the treaty with Germany.But the samecommission is to exercise authority over Austria and Bulgaria,and possibly over Hungary and Turkey, when peace is made withthese countries.There are therefore analogous articles mutatismutandis in the Austrian treaty(60*) and in the Bulgariantreaty.(61*)The principal Allies are each represented by one chiefdelegate.The delegates of the United States, Great Britain,France, and Italy take part in all proceedings; the delegate ofBelgium in all proceedings except those attended by the delegatesof Japan or the Serb-Croat-Slovene state; the delegate of Japanin all proceedings affecting maritime or specifically Japanesequestions; and the delegate of the Serb-Croat-Slovene state whenquestions relating to Austria, Hungary, or Bulgaria are underconsideration.Other Allies are to be represented by delegates,without the power to vote, whenever their respective claims andinterests are under examination.In general the commission decides by a majority vote, exceptin certain specific cases where unanimity is required, of whichthe most important are the cancellation of German indebtedness,long postponement of the instalments, and the sale of Germanbonds of indebtedness.The commission is endowed with fullexecutive authority to carry out its decisions.It may set up anexecutive staff and delegate authority to its officers.Thecommission and its staff are to enjoy diplomatic privileges, andits salaries are to be paid by Germany, who will, however, haveno voice in fixing them.If the commission is to dischargeadequately its numerous functions, it will be necessary for it toestablish a vast polyglot bureaucratic organisation, with a staffof hundreds.To this organisation, the headquarters of which willbe in Paris, the economic destiny of Central Europe is to beentrusted.Its main functions are as follows:(1) The commission will determine the precise figure of theclaim against the enemy Powers by an examination in detail of theclaims of each of the Allies under annex I of the reparationchapter.This task must be completed by May 1921.It shall giveto the German government and to Germany's allies 'a justGet any book for free on: www.Abika.com THE ECONOMIC CONSEQUENCES OF THE PEACE85opportunity to be heard, but not to take any part whatever in thedecisions of the commission'.That is to say, the commission willact as a party and a judge at the same time [ Pobierz caÅ‚ość w formacie PDF ]