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.