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A revision of the treaty : being a sequel to The economic consequences of the peace / by John Maynard Keynes
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42 A REVISION OF THE TREATY chap.

price was from 25s. to 30s. per ton, the German Government received in foreign currency substantiallymore than they had to pay for the coal to thehome producers. The high figure of 2,000,000 tonsper month involved short supplies to German trans-port and industry. But the money was badly wanted,and was of the utmost assistance in paying for theGerman food programme (and also in meeting German liabilities in respect of pre-war debts) during theautumn and winter of 1920.

This is a convenient point at which to record thesubsequent history of the coal deliveries. Duringthe next six months Germany very nearly fulfilled theSpa Agreement, her deliveries towards the 2,000,000tons per month being 2,055,227 tons in August,2,008,470 tons in September, 2,288,049 tons in October,1,912,696 tons in November, 1,791,828 tons inDecember, and 1,678,675 tons in January 1921. Atthe end of January 1921 the Spa Agreement lapsed,and since that time Germany has had to continueher coal deliveries without any payment or advanceof cash in return for them. To make up for theaccumulated deficit under the Spa Agreement, theEeparation Commission called for 2,200,000 tons permonth in February and March, and continued todemand this figure in subsequent months. Like somuch else, however, this demand was only onpaper. Germany was not able to fulfil it, her actualdeliveries during the next six months amounting to