As for the methods of payment, the Prime Minister said
that Germany must pay £50,000,000 in gold or bills within twenty- five days. She must also pay in kind—in coal, dyes, timber, and material for reconstruoting French towns ; she would probably give little in labour. Then there would be a duty of 25 per cent. on German exports, which used to be worth, at present prices, £1,000,000,000 a year ; the duty would be col- lected in bills, the equivalent of gold. Probably Germany could pay £150,000,000 a year for the first two or three years. The Allies were treating her fairly and justly. The German people must be brought face to face with disagreeable facts, and with the still more disagreeable alternative. Therefore the Allies had Presented an ultimatum, announcing that they would occupy the Ruhr Valley if by May 12th Germany had not undertaken to fulfil her treaty obligations and to accept the reparation scheme. " With the Ruhr Valley gone, industrial Germany withers."
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