THE REOCCUPATION OF NORTHERN AFRICA 335 
Morocco show the rapidity with which capital has gone 
into the country. The figures in francs! and in dollars 
for recent years are as follows: 
YEAR 
1920 
1921 
1922 
1923 
Tota, 
InrporTs 
{miilions of 
francs) 
"000 
309 
“07 
Fa 
Exports 
‘miilions of 
frances) 
60 
306 
~13 
< é 
1060 
IMPORTS 
(dollars) 
69,500,000 
67,600,000 
58,000,000 
47.200.000 
212 300.000 
EXPORTS 
(dollars) 
17,700,000 
22,800,000 
"7,500,000 
16,500,000 
74.500.000 
While there is a little tourist trade and other minor items 
to be considered, the differences between the imports and 
the exports represent substantially the amounts invested 
publicly and privately in the development of the country. 
By the Treaty of Versailles (Articles 141-46) Germany 
renounces all treaty rights in Morocco, notably those re- 
cognized by the Treaty of Algeciras and the Treaty of 
November 4, 1911. German state property in Morocco 
became the property of the Makhzen, and the property 
of German citizens has been sold, the proceeds being credited 
to the reparations account. Having lost all treaty rights 
to equality of treatment, German trade and German citi- 
zens in Morocco have been subjected to special restrictions. 
General Lyautey’s administration of Morocco must be 
adjudged a great success. The Protectorate has bene- 
fited by French experience in Algeria and Tunis, not to 
mention more distant and more diverse colonies and the 
French study of the British administration of Egypt. While 
! Conversions of the franc have been made at the following rates: 
1920, 8.0695; 1921, $.0744; 1922. $.082: 1923. $.0607.