44 A REVISION OF THE TREATY chap.

pit-coal equivalent) rose from 87-1 million tons in1913 to 93-8 in 1919, 111-6 in 1920, and 90-8 in thefirst three quarters of 1921.

The Spa Agreement supplied a temporary palliativeof the anomalous conditions governing the price atwhich these coal deliveries are credited to Germany .But with the termination of this Agreement theyagain require attention. Under the Treaty Germanyis credited in the case of coal delivered overland with" the German pithead price to German nationals "plus the freight to the frontier; and in the case ofcoal delivered by sea with the export price ; providedin each case this price is not in excess of the Britishexport price. Now for various internal reasons theGerman Government have thought fit to maintainthe pithead price to German nationals far below theworld price, with the result that she gets creditedwith much less than its real value for her deliveriesof Beparation coal. During the year ending June1921 the average legal maximum price of the differentkinds of coal was about 270 marks a ton, inclusiveof a tax of 20 per cent on the price, 1 which at theexchange then prevailing was about 20s., i.e. betweena third and a half of the British price at that date.The fall in the mark exchange in the autumn of 1921increased the discrepancy. For although the priceof German coal was substantially increased in terms

1 This very valuable tax, first imposed in 1917, yielded in 1920-21 mks.milliards.