Germany acquired Elsass (Alsace) and part of Lorraine, free of all their debts.
We may note here that the Anglo-French Treaty of Commerce arranged in 1860 with Napoleon largely by the aid of Cobden, was not renewed by the French Republic, which thereafter began to exclude British goods.
Bismarck forced France at Frankfurt to concede favourable terms to German products.

England was helpless.

For this subject, see _Protection in France_, by H.O.Meredith (1905).] [Footnote 66: Quoted by M.Hanotaux, _Contemporary France_, vol.i.

pp.
323-327.] Yet France flung herself with triumphant energy into the task of paying off the invaders.

At the close of June 1871, a loan for two milliards and a quarter (L90,000,000) was opened for subscription, and proved to be an immense success.