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By Leonard Gomes (auth.)

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31. Keynes’s Treasury memorandum is reprinted in Keynes CW, vol. XVI, pp. 344–83. On the Hughes Committee on Indemnity, see Robert E. Bunselmeyer, The Cost of the War 1914–19 (Hamden, CT: Archon Books, 1975), pp. 94–104; Imperial War Cabinet Committee on Indemnity Report, Proceedings and Memoranda, CAB 27/43 and CAB 29/2/P-38. Reparations and the Legacy of War 43 32. See Lorna S. Jaffe, British Policy towards Postwar German Disarmament 1914– 1919 (London: Allen & Unwin, 1985), p. 122. 33. See The Economist, 23 January 1932, ‘Supplement on Reparations and War Debts’, p.

Then the loss of the alliance with Tsarist Russia was deeply felt and they instinctively came to believe that the safety of France depended on the weakness of Germany. French security and German weakness became linked in the public mind. There seemed to be no other option – except, perhaps, to try to conciliate Germany. French political and business leaders did try for an accommodation with Germany even during the peace negotiations. But it was not clear under what terms or conditions such mutual understandings could be realised.

Should countries reconstructing devastated areas be granted priority for the receipt of reparation payments? If so, how would that affect the claims and likely receipts of the other Allies (notably Britain) without reconstruction costs, but with other huge war-related debts? Notions of justice, fairness as well as undoubted legal rights entered into consideration; and thus the way was open for disputes and disagreements in response to the different needs, interests and state of public opinion in the Allied countries.

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