Is it for Englishmen to complain? Are they really losers? One cannot cast up a balance–sheet between incommensurables. But peace and amity might be won for Europe. And England is only asked (as I fancy she knows pretty well, by now, in her bones) to give up something which she will never get anyhow. The alternative is that we and the United States will be jockeyed out of our claims amidst a general international disgust. FOOTNOTE: [111] This scheme is in no way concerned with the debt of Great Britain to the United States, which is excluded from the above figures. The question of the right treatment of this debt (which differs from the others chiefly because the interest on it is capable of being actually collected in cash) raises other issues with which I am not dealing here. The above proposals for cancelation relate solely to the debts owing by the Governments of Continental Europe to the Governments of Great Britain and the United States. APPENDIX OF DOCUMENTS I. THE SPA AGREEMENT, JULY 1920 (_A_) _Summary[112] of the Agreement upon Reparations between the Allies, signed by the British Empire, France, Italy, Japan, Belgium, and Portugal._ ARTICLE 1 provides that in pursuance of the Treaty of Versailles the sums received from Germany for reparations shall be divided in the following proportions: France 52 per cent. British Empire 22 ” Italy 10 ” Belgium 8 ” Japan and Portugal ¾ of 1 per cent each. The remaining 6½ per cent is reserved for the Serbo–Croat–Slovene State and for Greece, Rumania, and other Powers not signatories of the Agreement. ARTICLE 2 provides that the aggregate amount received for reparation from Austria–Hungary and Bulgaria, together with amounts that may be received in respect of the liberation of territories belonging to the former Austro–Hungarian Monarchy, shall be divided: (_a_) As to half in the proportions mentioned in Article 1. (_b_) As to the other half, Italy shall receive 40 per cent, while 60 per cent is reserved for Greece, Rumania, and the Serbo–Croat–Slovene State and other Powers entitled to reparations but not signatories of the Agreement. ARTICLE 3 provides that the Allied Governments shall adopt measures to facilitate if necessary the issue by Germany of loans destined for the internal requirements of that country and to the prompt discharge of the German debt to the Allies. ARTICLE 4 deals in detail with the keeping of accounts by the Reparation Commission. ARTICLE 5 secures to Belgium her priority of £100,000,000 gold and enumerates the securities affected by such priority.[113]