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The Netherlands Foreign Minister opened the Confer- ence on Tuesday

morning on behalf of his hospitable .country. M. Briand, Herr Stresemann and Mr. Snowden replied. Mr. Snowden was probably wise in speaking out very frankly upon the sacrifices demanded of Great Britain by the alteration of the percentages of reparations .fixed at Spa and by the proposed treatment of " eon- -ditional " and " unconditional " payments by Germany. He also spoke of the damage done to British trade by deliveries in kind, and he pointed out that the meaning -of Lord Balfour's famous Note was not fulfilled by Great -Britain receiving the bare equivalent of her current .payments to the United States, for she paid £150,000,000 .before she began to receive any payments from her debtors.

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