The sums of money which are involved are shown approximately in the following table:--[161] -- ---------------+------------+------------+-----------+---------- Loans to | By United | By United | By France | Total | States | Kingdom | | -- ---------------+------------+------------+-----------+---------- | Million | Million | Million | Million | Dollars | Dollars | Dollars | Dollars | | | | United Kingdom | 4,210 | 0 | 0 | 4,210 France | 2,750 | 2,540 | 0 | 5,200 Italy | 1,625 | 2,335 | 175 | 4,135 Russia | 190 | 2,840[162]| 800 | 3,830 Belgium | 400 | 490[163]| 450 | 1,340 Serbia and | | | | Jugo-Slavia | 100 | 100[163]| 100 | 300 Other Allies | 175 | 395 | 250 | 820 | -- --- | -- --- | -- --- | -- ---- Total | 9,450[164]| 8,700 | 1,775 | 19,925 | | | | -- ---------------+------------+------------+-----------+---------- Thus the total volume of Inter-Ally indebtedness, assuming that loans from one Ally are not set off against loans to another, is nearly $20,000,000,000.

The United States is a lender only.

The United Kingdom has lent about twice as much as she has borrowed.

France has borrowed about three times as much as she has lent.

The other Allies have been borrowers only.
If all the above Inter-Ally indebtedness were mutually forgiven, the net result on paper (_i.e._ assuming all the loans to be good) would be a surrender by the United States of about $10,000,000,000 and by the United Kingdom of about $4,500,000,000.