130 A REVISION OF THE TREATY chap.

cent would have been more exactly in accordancewith the claims of each under the Treaty . In viewof all the facts, however, the Spa division maybe held to have done substantial justice on thewhole.

At the same time the priority to Belgium to theextent of £100,000,000 (gold) was confirmed ; andit was agreed that the loans made to Belgium duringthe war by the other Allies, for which Germany isliable under Article 232 1 of the Treaty, should bedealt with out of the moneys next received. Theseloans, including interest, will amount by the endof 1921 to something in the neighbourhood of£300,000,000 (gold), of which £110,000,000 will bedue to Great Britain, £100,000,000 to France, and£90,000,000 to the United States.

Under the Spa Agreement, therefore, sums receivedfrom Germany in cash, and credits in respect ofdeliveries in kind, were to be applied to the dischargeof her obligations in the following order :

1. The cost of the Armies of Occupation, esti-mated at £150,000,000 (gold) up to May 1, 1921.

2. Advances to Germany for food purchases underthe Spa Agreement, say £18,000,000 (gold).

3. Belgian priority of £100,000,000 (gold).

1 " Germany undertakes ... to make reimbursement of all sumswhich Belgium has borrowed from the Allies and Associated Governmentsup to November 11, 1918, together with interest at the rate of 5 per centper annum on such sums." The priority for this repayment arranged at Spais a little different from the procedure contemplated in the Treaty, whichprovided for repayment not later than May 1, 1926.