German figure includedother than gold or goods in kindthe scuttling of the German fleet at Scapa Flow, state property lost in lands ceded to other countries, and the loss of colonial territories. The Reparation Commission and the Bank for International Settlements state that gold marks was paid by Germany in reparations, of which was paid before the implementation of the London Schedule of Payments. Niall Ferguson provides a slightly lower figure. He estimates that Germany paid no more than gold marks. Ferguson further estimates that this sum amounted to 2.4 per cent of Germany's national income between 1919 and 1932. Stephen Schuker, in his comprehensive econometric study, concedes that Germany transferred 16.8 billion marks over the whole period, but points out that this sum was vastly offset by the devaluation of Allied paper-mark deposits up to 1923, and by loans that Germany subsequently repudiated after 1924. The net capital transfer into Germany amounted to 17.75 billion marks, or 2.1% of Germany's entire national income over the period 1919–1931. In effect, America paid Germany four times more, in price-adjusted terms, than the U.S. furnished to West Germany under the post-1948 Marshall Plan. According to Gerhard Weinberg, reparations were paid, towns were rebuilt, orchards replanted, mines reopened and pensions paid. However, the burden of repairs was shifted away from the German economy and onto the damaged economies of the war's victors. Hans Mommsen wrote "Germany financed its reparation payments to Western creditor nations with American loans", which the British and French then used to "cover their long-term interest obligations and to retire their wartime debts with the United States." Loan payments To help make reparations payments, Germany took out various loans during the 1920s. In 1933, following the cancellation of reparations, the new German Chancellor Adolf Hitler cancelled all payments. In June 1953, an agreement was reached on this existing debt with West Germany. Germany agreed to repay 50 per cent of the loan amounts that had been defaulted on in the 1920s, but deferred some of the debt until West and East Germany were unified. In 1995, following reunification, Germany began making the final payments towards the loans. A final installment of was made on 3 October 2010, settling German loan debts in regard to reparations. Summary Analysis Effect on the German economy Overall During the period of reparations, Germany received between 27 and 38 billion marks in loans. By 1931,