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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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IV

THE DIVISION OF THE RECEIPTS

129

vision inaccurate, butfollows:

France

British Empire 1 .Italy .Belgium

Japan and Portugal

at Spa it was settled as

52 per cent. 22. 10. 8

J of 1 per cent each ;

the remaining 6j per cent being reserved for theSerbo-Croat-Slovene State and for Greece, Kumania,and other Powers not signatories of the Spa Agree-ment. 2

This settlement represented some concession onthe part of Great Britain, whose proportionate claimwas greatly increased by the inclusion of pensionsbeyond what it would have been on the basis ofSeparation proper; and the proportion claimed byMr. Lloyd George in Paris was probably nearer thetruth (namely, that the French and British sharesshould be in the proportion 5 to 3). I estimate thatFrance 45 per cent, British Empire 33 per cent, Italy 10 per cent, Belgium 6 per cent, and the rest 6 per

1 At the conference of Dominion Prime Ministers in July 1921 thisshare was further divided as follows between the constituent portions ofthe Empire :

United Kingdom . . 86-85 New Zealand . . . 1-75Minor colonies . . - 80 South Africa ... -60Canada .... 4 - 35 Newfoundland . . - 10Australia . . . 4'35 India .... 1-20

2 The Spa Agreement also made provision that half the receipts fromBulgaria and from the constituent parts of the former Austro-HungarianEmpire should be divided in the above proportions, and that, of the otherhalf, 40 per cent should go to Italy and 60 per cent to Greece, Rumania ,and Jugo-Slavia.

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