30 
While 0,5 0 /o are reserved for Greece, Roumani.i, the Serbo-Croato- 
Sloven State and for the others not having signed the agreement, but which 
also have a right to reparations. 
By article 2 of the Spa agreement, the reparations to be received from 
Austria, Hungary and Bulgaria are also distributed, namely : the first 
half according to the foregoing quota, and the other half is given to, 
Italy 10 °/ 0 and 60 0 / 0 is reserved for Greece, Roumania, Sewia, and the 
other Powers not having signed, but which have a right to reparations. By 
this agreement Belgium receives an exceptional treatment; in virtue of the 
arrangement of June 16 th 1919, it gets by priority 2 Vs milliards of francs gol 1, 
while Italy obtains the favor of keeping back, out of the value of property 
granted under the title cost of the armies of occupation and for reparations, 
a sum equal to what the Commission of Reparations, would have passed to 
her account, and therefore Italy is not obliged to issue the bonds mentioned 
in Article 4 of the arrangement of June 1919, except if, and within I he limit 
in which her liability for the property granted, should not be covered by com 
pensation. 
Article 2 of the Spa agreement places amongst the sums to be shared by the 
allies also the payments which Italy, Roumania, Servia, Ceko-Slovakia and Po 
land have to make under the arrangement of September 10 th 1919 (Annex 63) 
and the declaration modifying the same, of December 8"' 1919 (Annex 64). 
This agreement concluded without the small allies being called or taking 
part, was brought before the Commission of Reparations for discussion on Sep 
tember 10 th 1920, at the meeting under the presidency of M' Louis Dubois. 
The President by the declaration he read out states that the arrangement concluded 
on July 16" 1 1920, at Spa, between the Governments of Belgium, France, Great 
Britain, Italy, Japan and Portugal, gives rise to questions of principle, and 
presents difficulties of application, on which he personally would like to make 
all possible reserves. 
”On the questions of principle he thinks that he should remind them that 
according to the terms.of the Treaty of Versailles of June 28"' 1919, as also in 
fact to those of the Treaties of S' Germain and Trianon, the Commission of re 
parations is constituted until the final discharge by Germany and her allies, of 
the debt for reparations, and until the final winding up of accounts between 
the interested Powers, as being the exclusive representative of those Powers -. 
The President refers to the formal text of part VIII (annex 2 paragraphs 12 
and 23 of the Treaty of Versailles). 
The Commission of Reparations alone has quality to study the complaints 
of the interested Powers, to hear the German Government’s observations on 
these claims, to estimate and to notify the amount of the damages for which 
Germany owes reparations, to establish the schedule of payments, to determine 
the dates and the modes of payment of her obligations, by Germany. 
After a whole series of most interesting considerations on the principles, 
the president goes on : »in matter of reparations the allied and associated Go-