and the Kingdom of Serbs, Croats and Slovenes, but Austria, Poland and Italy also gained smaller territories. The areas that were allocated to neighbouring countries in total (and each of them separately) possessed a majority of non-Hungarian population, but more than 3.3 million ethnic Hungarians were left outside the new borders of Hungary. Many view this as contrary to the terms laid out by US President Woodrow Wilson's Fourteen Points, which were intended to honour the ethnic makeup of the territories. As President Wilson left the conference to emphasize his disagreement, and because the US Congress did not ratify the treaty, the United States of America and the Kingdom of Hungary signed a separate peace treaty on 29 August 1921. Between 1920 and 1946 Interwar period The new international borders separated Hungary's industrial base from its sources of raw materials and its former markets for agricultural and industrial products. Hungary lost 84% of its timber resources, 43% of its arable land, and 83% of its iron ore. Furthermore, post-Trianon Hungary possessed 90% of the engineering and printing industry of the Kingdom, while only 11% of timber and 16% iron was retained. In addition, 61% of arable land, 74% of public road, 65% of canals, 62% of railroads, 64% of hard surface roads, 83% of pig iron output, 55% of industrial plants, 100% of gold, silver, copper, mercury and salt mines, and 67% of credit and banking institutions of the prewar Kingdom of Hungary lay within the territory of Hungary's neighbors. Because most of the country's pre-war industry was concentrated near Budapest, Hungary retained about 51% of its industrial population and 56% of its industry. Horthy appointed Count Pál Teleki as Prime Minister in July 1920. His government issued a numerus clausus law, limiting admission of "political insecure elements" (these were often Jews) to universities and, in order to quiet rural discontent, took initial steps towards fulfilling a promise of major land reform by dividing about 3,850 km2 from the largest estates into smallholdings. Teleki's government resigned, however, after Charles IV unsuccessfully attempted to retake Hungary's throne in March 1921. The return of King Charles produced split parties between conservatives who favored a Habsburg restoration and nationalist right-wing radicals who supported election of a Hungarian king. Count István Bethlen, a non-affiliated right-wing member of the parliament, took advantage of this rift forming a new Party of Unity under his leadership. Horthy