n FROM THE TREATY TO CONFERENCE OF LONDON 13

There remains Separation, the chief subject ofthe chronicle which follows. In the course of 1920Germany carried out certain specific deliveries andrestitutions prescribed by the Treaty . A vast quan-tity of identifiable property, removed from France andBelgium , was duly restored to its owners. 1 TheMercantile Marine was surrendered. Some dyestuffswere delivered, and a certain quantity of coal. ButGermany paid no cash, and the real problem ofEeparation was still postponed. 2

With the Conferences of the spring and summer of1920 there began the long series of attempts to modifythe impossibilities of the Treaty and to mould it intoworkable form.

II. The Conferences of San Remo (April 19-26, 1920),Hythe (May 15 and June 19, 1920), Boulogne(June 21-22, 1920), Brussels (July 2-3, 1920),and Spa (July 5-16, 1920)

It is difficult to keep distinct the series of a dozendiscussions between the Premiers of the AlliedPowers which occupied the year from April 1920 toApril 1921. The result of each Conference wasgenerally abortive, but the total effect was cumula-

1 Up to Ma}' 31, 1920, securities and other identifiable assets to the valueof 8300 million francs and 500,000 tons of machinery and raw material hadbeen restored to France ( Report of Finance Commission of French Chamber,June 14, 1920), also 445,000 head of live stock.

a Up to May 1921, the cash receipts of the Reparation Commissionamounted to no more than 124,000,000 gold marks.