chapter  Chapter XIII
The Coupon Parliament
Pages 22

“The demand for a huge indemnity to be exacted from Germany makes a powerful appeal.… Germany is no doubt a country with some very rich natural resources. A recent article in the Fortnightly Review estimates that ‘the Rhenish-Westphalian coalfield alone contains considerably more coal than the whole of the United Kingdom and that the coal in that district represents a value of £1,067,830,000,000.… But difficulties arise when we look beneath … that majestic figure. This coal can only be got out and made available piecemeal. The whole German output for 1910 amounted to a little over 150 million tons, or a value of £75,000,000.… Most of this value would be absorbed in labour and capital expenses.… The same reasoning applies to the other industries of Germany.… But could even this limited indemnity be got without grave perils to the economic interests and social order of Europe … an Allied Army of Occupation in Germany, backed up by the retention of conscription… ? The indemnity must take corporeal shape in a flood of German goods … the biggest and most dangerous form of ‘dumping’ that the world has ever witnessed.…”