As amongst the Allies themselves it is clear that assets should be pooled and shared out in proportion to aggregate claims.
In this event, and if my estimate is accepted, as given below, that Germany's capacity to pay will be exhausted by the direct and legitimate claims which the Allies hold against her, the question of her contingent liability for her allies becomes academic.

Prudent and honorable statesmanship would therefore have given her the benefit of the doubt, and claimed against her nothing but the damage she had herself caused.
What, on the above basis of claims, would the aggregate demand amount to?
No figures exist on which to base any scientific or exact estimate, and I give my own guess for what it is worth, prefacing it with the following observations.
The amount of the material damage done in the invaded districts has been the subject of enormous, if natural, exaggeration A journey through the devastated areas of France is impressive to the eye and the imagination beyond description.

During the winter of 1918-19, before Nature had cast over the scene her ameliorating mantle, the horror and desolation of war was made visible to sight on an extraordinary scale of blasted grandeur.

The completeness of the destruction was evident.

For mile after mile nothing was left.