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The economic consequences of the peace / by John Maynard Keynes
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V

REPARATION

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it was convenient to leave unsettled in the Treaty itself. 1

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The powers and constitution of the ReparationCommission are mainly laid down in Articles 233-241and Annex II. of the Reparation Chapter of theTreaty with Germany . But the same Commission isto exercise authority over Austria and Bulgaria , andpossibly over Hungary and Turkey, when Peace ismade with these countries. There are thereforeanalogous articles mutatis mutandis in the AustrianTreaty 2 and in the Bulgarian Treaty. 3

The principal Allies are each represented by onechief delegate. The delegates of the United States, Great Britain, France, and Italy take part in all pro-ceedings ; the delegate of Belgium in all proceedings

1 In the course of the compromises and delays of the Conference, therewere many questions on which, in order to reach any conclusion at all, itwas necessary to leave a margin of vagueness and uncertainty. The wholemethod of the Conference tended towards this,the Council of Four wanted,not so much a settlement, as a treaty. On political and territorial questionsthe tendency was to leave the final arbitrament to the League of Nations. Buton financial and economic questions the final decision has generally beenleft with the Reparation Commission,in spite of its being an executivebody composed of interested parties.

2 The sum to be paid by Austria for Reparation is left to the absolutediscretion of the Reparation Commission, no determinate figure of any kindbeing mentioned in the text of the Treaty. Austrian questions are to behandled by a special section of the Reparation Commission, but the sectionwill have no powers except such as the main Commission may delegate.

3 Bulgaria is to pay an indemnity of £90,000,000 by half-yearly instal-ments, beginning July 1, 1920. These sums will be collected, on behalfof the Reparation Commission, by an Inter-Ally Commission of Control,with its seat at Sofia . In some respects the Bulgarian Inter-AllyCommission appears to have powers and authority independent of theReparation Commission, but it is to act, nevertheless, as the agent of thelatter, and is authorised to tender advice to the Reparation Commission asto, for example, the reduction of the half-yearly instalments.