is to be retained and liquidated as described above, with the result
that the whole of German property over a large part of the world can be
expropriated, and the large properties now within the custody of Public
Trustees and similar officials in the Allied countries may be retained
permanently. In the second place, such German assets are chargeable, not
only with the liabilities of Germans, but also, if they run to it, with
"payment of the amounts due in respect of claims by the nationals of
such Allied or Associated Power with regard to their property, rights,
and interests in the territory of other Enemy Powers," as, for example,
Turkey, Bulgaria, and Austria.[23] This is a remarkable provision,
which is naturally non-reciprocal. In the third place, any final balance
due to Germany on private account need not be paid over, but can be held
against the various liabilities of the German Government.[24] The
effective operation of these Articles is guaranteed by the delivery of
deeds, titles, and information.[25] In the fourth place, pre-war
contracts between Allied and German nationals may be canceled or revived
at the option of the former, so that all such contracts which are in
Germany's favor will be canceled, while, on the other hand, she will be
compelled to fulfil those which are to her disadvantage.

(_b_) So far we have been concerned with German property within Allied
jurisdiction. The next provision is aimed at the elimination of German
interests in the territory of her neighbors and former allies, and of
certain other countries. Under Article 260 of the Financial Clauses it
is provided that the Reparation Commission may, within one year of the
coming into force of the Treaty, demand that the German Government
expropriate its nationals and deliver to the Reparation Commission "any
rights and interests of German nationals in any public utility
undertaking or in any concession[26] operating in Russia, China, Turkey,
Austria, Hungary, and Bulgaria, or in the possessions or dependencies of