Note 18 — Chapter I · OUR DAILY BREAD (continued 2)

Mr J. M. Keynes, The Economic Consequences of the Peace, says: ‘I do not put the money value of the actual physical loss to Belgian property by destruction and loot above £150,000,000 as a maximum, and while I hesitate to put yet lower an estimate which differs so widely from those generally current, I shall be surprised if it proves possible to substantiate claims even to this amount.... While the French claims are immensely greater, here too, there has been excessive exaggeration, as responsible French statisticians have themselves pointed out. Not above 10 per cent. of the area of France was effectively occupied by the enemy, and not above 4 per cent. lay within the area of substantial devastation.... In short, it will be difficult to establish a bill exceeding £500,000,000 for physical and material damage in the occupied and devastated areas of Northern France.’ (pp. 114-117.)