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The Economic Consequences of the Peace

Note 127 — Chapter V · Reparation

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It has been estimated that the cession of territory to France, apart from the loss of Upper Silesia, may reduce Germany's annual pre-war production of steel ingots from 20,000,000 tons to 14,000,000 tons, and increase France's capacity from 5,000,000 tons to 11,000,000 tons.

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