[80] The German authorities have published a somewhat higher figure. According to a memorandum submitted to the Reichstag in September 1921 by their Finance Minister, the costs of the Armies of Occupation and the Rhine Provinces Commission up to the end of March 1921 were mks. 3,936,954,542 (gold), in respect of expenditure met in the first instance by the occupying Powers, and subsequently recoverable from Germany, _plus_ mks. 7,313,911,829 (paper), in respect of expenditure directly met by the German authorities. [81] I do not vouch for the accuracy of these figures, which are rough estimates of my own on the basis of incomplete published information. [82] On the other hand Great Britain’s view was adopted as to the valuation of shipping. [83] In view of the political difficulties in which this Agreement involved M. Briand’s Cabinet, the matter was apparently adjusted by Great Britain and Belgium receiving their quotas as above, “subject to adjustment of the final settlement” of the questions dealt with in the Agreement. The net result on September 30, 1921, was that, including the above sum, Great Britain had been repaid £5,445,000 in respect of the Spa coal advances, and had also received, or was in course of collecting, about £43,000,000 towards the expenses of the Army of Occupation (approximately £50,000,000). Thus, as the result of three years’ Reparations, Great Britain’s costs of collection had been about £7,000,000 more than her receipts. [84] To value these ships at what they fetched during the slump, yet to value Germany’s liability for submarine destruction at what the ships cost to replace during the boom, appears to be unjust. My estimate (in _The Economic Consequences of the Peace_, p. 174) of the value of the ships to be delivered was $600,000,000. [85] M. Tardieu (_The Truth about the Treaty_, pp. 346–348) has given an account of the abortive discussion of this question at the Peace Conference. The French obtained at Spa a ratio very slightly _more_ favorable to themselves than that which they had claimed and Mr. Lloyd George had rejected at Paris. [86] For a summary of the text of this Agreement see Appendix No. 1. [87] At the conference of Dominion Prime Ministers in July 1921 this share was further divided as follows between the constituent portions of the Empire: United Kingdom 86.85 │ New Zealand 1.75 Minor colonies .80 │ South Africa .60 Canada 4.35 │ Newfoundland .10 Australia 4.35 │ India 1.20 [88] The Spa Agreement also made provision that half the receipts from Bulgaria and from the constituent parts of the former Austro–Hungarian Empire should be divided in the above proportions, and that, of the other half, 40 per cent should go to Italy and 60 per cent to Greece, Rumania, and Jugoslavia.