IV

PA YMENTS PRIOR TO MA Y 1921

125

version is to be effected. The total was estimated,however, at three milliard gold marks, 1 of which onemilliard was owed to the United States, one milliardto Prance, 900 millions to Great Britain, 175 millionsto Belgium, and 5 millions to Italy. On May 1, 1921,France had about 70,000 soldiers on the Khine, GreatBritain about 18,000, and the United States a triflingnumber.

The net result of the transitional period was, there-fore, as follows :

(1) Putting on one side State property transferredto Poland, the whole of the transferable wealthobtained from Germany in the two and a half yearsfollowing the Armistice under all the rigours of theTreaty, designed as they were to extract every avail-able liquid asset, just about covered the costs ofcollection, that is to say, the expenses of the Armiesof Occupation, and left nothing over for Eeparation.

(2) But as the United States has not yet beenpaid the milliard owing to her for her Army, the otherAllies have received between them on balance asurplus of about one milliard. This surplus was notdivided amongst them equally. Great Britain hadreceived 450-500 million gold marks less than her

1 The German authorities have published a somewhat higher figure.According to a memorandum submitted to the Reichstag in September 1921by their Finance Minister, the costs of the Armies of Occupation and theRhine Provinces Commission up to the end of March 1921 were mks.3,936,954,542 (gold), in respect of expenditure met in the first instance bythe occupying Powers, and subsequently recoverable from Germany, plusmks. 7,313,911,829 (paper), in respect of expenditure directly met by theGerman authorities.