926
GERMANY
On March 1, 1919, the total funded debt amounted to 92,396,411,300 marks, of which 76,275,230,500 marks bear interest at 5 per cent. ; 1,126,230,100 marks at 4 per cent. ; 1,964,258,000 marks at 3£ per cent. ; 1,622,554,200 marks at 3 per cent.; the Treasury bills amounted to 2,315,137,000 at 5 per cent. ; 9,093,001,500 marks at 4^ percent. There is also a debt of 63,696,000,000 marks of Treasury bills free of interest. On March 1, 1921, the total debt amounted to 300.000,000,000 marks.
Between August 4, 1914, and March 31, 1920, Germany issued loans to the total value of 222,151.405,980 marks. On November 30, 1920, the lloating debt was 165,918,235,629 marks.
The growth of the German debt is shown as follows : —
Year.
Marks.
Year.
Marks.
1870 . 1875 . 1885 . 1895 . 1900 .
-185,600,000
120,300,000
551,200.000
2,201.200,000
2,413,500,000
1905 . 1910 . 1915 .
1920 .
1921 .
3.323.500,000
4.943,600,000
12,836,700,000
242,700 000.000
300,000,000,000
Defence.
I. Army.
The retreat of the German Army into Germany in accordance with the terms of the Armistice of November 11, 1918, was completed at the end of that month, the total mobilised strength of the Army being then approxi- mately 6,000,000 men. The terms of Armistice required the surrender by Germany of 5,000 guns (2,500 heavy and 2,500 field), 25,000 machine guns, 3,000 trench mortars, and 1,700 aeroplanes (fighters, bombers and night bombing machines), but did not specify either the size of the German Army during the Armistice or the rate at which demobilisation should be carried out. Demobilisation was begun during the first fortnight of December and at first proceeded somewhat slowly owing to the difficulty of absorbing rapidly the discharged men in the industries of the country and of feeding them when demobilised, but after February 1 the rate of demobilisation was very sensibly increased.
Towards the end of January, 1919, the President of the Republic wus authorised by the Reichstag to disband the existing army and to raise a provisional National Defence Army pending the creation of a permanent Defence B'orce (Eeichswehr). On May 1 the demobilisation of the German army was officially declared to be completed, and the Defence Force came into being. On August 1 the strength of the Defence Force was 500,000 men. It was voluntarily recruited and was formed by raising brigades with the necessary auxiliary services in each of the old army corps districs. Mean- while the Treaty of Versailles was signed on June 28 and was ratified by Great Britain on July 10. It was not ratified by Germany until January 10, 1920, when its provisions became effective. The principal military clauses of the Treaty are : —
i. Within three months from the coming into force of the Treaty, that is to say by April 10, 1920, the total number of elfectives in the German army was not to exceed 200,000 men. From then on. cinder the supervision of military experts of the principal Allied Powers, the army was to be further reduced to 100,000 men, comprising not more than 7 divisions of infantry and 3 divisions of cavalry, with
