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A REVISION OF THE TREATY

CHAP.

expenses, Belgium 300-350 million more than herexpenses, and France 1000-1200 millions more thanher expenses. 1

Under the strict letter of the Treaty those Allieswho had received less than their share might haveclaimed to be paid the difference in cash by thosewho had received more. This situation and theallocation of the milliard paid by Germany betweenMay and August 1921 were the subject of theFinancial Agreement provisionally signed at Paris on August 13, 1921. This Agreement chiefly con-sisted of concessions to France, partly by Belgium ,who agreed in effect to a partial postponement ofher priority charge on two milliards out of thefirst sums received from Germany for Bepara-tion, and partly by Great Britain , who acceptedfor the purposes of internal accounting amongst theAllies themselves a lower value for the coal deliveredby Germany than the value fixed by the Treaty . 2In view of these concessions about future payment,the first milliard in cash, received after May 1,1921, was divided between Great Britain and Bel-gium , the former receiving 450 million gold marksin discharge of the balance still due to her inrespect of the costs of occupation, and the balancefalling to the latter as a further instalment of her

1 I do not vouch for the accuracy of these figures, which are roughestimates of my own on the basis of incomplete published information.

2 On the other hand, Great Britain 's view was adopted as to the valua-tion of shipping.