GERMANY 91 



prices to export material to the belligerents. It is 

 not easy to estimate her exact position, but lumber- 

 ing has been going on in her forests for several 

 decades, and we know that most of the accessible 

 areas have been felled over, and the only question 

 which remains undecided from our point of view 

 is how long she will be capable of maintaining her 

 exports to us on the 1913 basis. That this period of 

 years will be short is a foregone conclusion. 



Germany. It is too soon to discuss the German 

 forest problem. The world is fully aware that 

 Germany has fine, well-conserved forests of a large 

 size. It is probably not so well aware that to 

 satisfy her large industries (or to keep as large an 

 area of her own forests intact for an emergency 

 the war emergency) she was a large importer of 

 timber, especially from Russia, on whose markets 

 she had obtained a strong grip. The world is 

 equally aware that Germany has helped herself to 

 and ruined the Belgian forests, also those in parts 

 of France and in Poland. My own opinion, which I 

 have ventured to express to our Government, is 

 that a part of the indemnity to be extracted from 

 the Continental Powers should be paid in timber, 

 and timber calculated at the prices in force at the 

 outbreak of war not those which may prevail at 

 the peace : for which it is quite on the cards Germany 

 has been hoarding up her forest wealth. Both 

 Germany and Austria-Hungary have a fine hoard 

 of this timber in their forests, and doubtless they 

 have been hugging themselves in the belief that they 

 will be able to take advantage of the high prices, 



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