iv THE DIVISION OF THE RECEIPTS 131

4. Bepayment of Allied advances to Belgium , say£300,000,000 (gold).

This amounts to about £570,000,000 (gold) alto-gether, of which I estimate that about £150,000,000(gold) is due to France, £170,000,000 (gold) to GreatBritain, £110,000,000 (gold) to Belgium , and£140,000,000 (gold) to the United States .

Very few people, I think, have appreciated howlarge a sum is due to the United States under thestrict letter of the Agreement. Since Prance hasalready received almost two-thirds of her share asabove, whilst Belgium has had about one-third,Great Britain less than one-third, and the UnitedStates nothing, it follows that, even on the mostfavourable hypothesis as to Germany 's impendingpayments, comparatively small sums are strictly dueto France in the near future.

The Financial Agreement of August 13, 1921,was aimed at modifying the harshness of thesepriority provisions towards France . 1 The details ofthis Agreement have not yet been published, but itis said to make a somewhat different provision fromthat contemplated at Spa for the repayment ofAllied war advances to Belgium.

The reception of this Agreement by the Frenchpublic was a good illustration of the effect of keepingpeople in the dark. The effect of the Spa Agreementhad never been understood in France, with the result

1 See above, p. 126.