The Allied Governments took advantage of the Spa meeting (July 1920) to settle amongst themselves a Reparation question which had given much trouble in Paris and had been left unsolved[85]—namely, the proportions in which the Reparation receipts are to be divided between the various Allied claimants.[86] The Treaty provides that the receipts from Germany will be divided by the Allies “in proportions which _have_ been determined upon by them in advance, on a basis of general equity and of the rights of each.” The failure, described by M. Tardieu, to reach an agreement in Paris, rendered the tense of this provision inaccurate, but at Spa it was settled as follows: France 52 per cent. British Empire[87] 22 ” Italy 10 ” Belgium 8 ” Japan and Portugal ¾ of 1 per cent each; the remaining 6½ per cent being reserved for the Serbo–Croat–Slovene State and for Greece, Rumania, and other Powers not signatories of the Spa Agreement.[88] This settlement represented some concession on the part of Great Britain, whose proportionate claim was greatly increased by the inclusion of pensions beyond what it would have been on the basis of Reparation proper; and the proportion claimed by Mr. Lloyd George in Paris was probably nearer the truth (namely that the French and British shares should be in the proportion 5 to 3). I estimate that France 45 per cent, British Empire 33 per cent, Italy 10 per cent, Belgium 6 per cent, and the rest 6 per cent would have been more exactly in accordance with the claims of each under the Treaty. In view of all the facts, however, the Spa division may be held to have done substantial justice on the whole. At the same time the priority to Belgium to the extent of $500,000,000 was confirmed; and it was agreed that the loans made to Belgium during the war by the other Allies, for which Germany is liable under Article 232[89] of the Treaty, should be dealt with out of the moneys next received. These loans, including interest, will amount by the end of 1921 to something in the neighborhood of $1,500,000,000, of which $550,000,000 will be due to Great Britain, $500,000,000 to France, and $450,000,000 to the United States. Under the Spa Agreement, therefore, sums received from Germany in cash, and credits in respect of deliveries in kind were to be applied to the discharge of her obligations in the following order: 1. The cost of the Armies of Occupation, estimated at $750,000,000 up to May 1, 1921. 2. Advances to Germany for food purchases under the Spa Agreement, say $90,000,000. 3. Belgian priority of $500,000,000. 4. Repayment of Allied advances to Belgium, say $1,500,000,000. This amounts to about $2,850,000,000 altogether, of which I estimate that about $750,000,000 is due to France, $850,000,000 to Great Britain, $550,000,000 to Belgium, and $700,000,000 to the United States.