The whole scheme represents a present capital value of about
£1,800,000,000 as compared with the £1,800,000,000 which Germany originally offered. The Allies originally claimed £600,000,000 for Reparations proper, and as £500,000,000 is now offered the difference does not look formidable. Nevertheless Fiance, as was expected, maintains that the difference would be very serious for her. Instead of getting Z400,000;000 for recon- struction, as she hoped, she would get only about £275,000,000. Last Saturday it seemed that only France was likely to stand in the way of an agreement, but by Monday (when the scheme had been more carefully exam- ined) the British delegates became aware that all the various claims. could not possibly be satisfied unless the- Spa percentages were Upset. So seriously would they be upset indeed that virtually the whole cost of the Alliea'. concessions would fall on Great Britain. Mr. Owen Young admitted that this was-so, and said that he saw no other " way out." His way means that Great Britain would lose the equivalent of all her arrears of payment to America and of all the War losses claimed by the Dominions.
