in iron ore.

In 1913 the Saar district represented 8.95 per cent. of the total
production of coal, and Upper Silesia 22.85 per cent.

Having lost about eighty per cent. of her iron ore and large stocks
of coal, while her production is severely handicapped, Germany,
completely disorganized abroad after the suppression of all economic
equilibrium, is condemned to look on helplessly while the very sources
of her national wealth dry up and cease to flow. In order to form a
correct estimate of the facts we must hold in mind that one-fifth of
Germany's total exports before the War consisted of iron and of tools
and machinery mostly manufactured with German iron.

If we now consider the fourteen points of President Wilson, accepted
by the Entente as a peace programme, comparing the actual results
obtained by the Treaty of Versailles, we are faced with the following
situation:

1. "_After loyal peace negotiations and the conclusion and signing
of peace treaties, secret diplomatic agreements must be regarded as
abolished_," says Wilson. On the contrary, secret peace negotiations
have been protracted for more than six months, and no hearing was even
granted to the German delegates who wished to expose their views. By a
system of treaties France has created a military alliance with Belgium
and Poland, thus completely cornering Germany.

2. _Absolute freedom of the sea beyond territorial waters_. Nothing,
as a matter of fact, has been changed from the pre-war state of
things; with the difference that the losers have had to surrender