Mr. Parker Gilbert, the Agent-General for reparation payments in Germany,
has -sent to the German Govern- ment a strong memorandum on the defeets- of Gentian finance. He says that Germany, -since 1924; -when the Dawes Scheme was established, 'has been recklessly extravagant. " The German public authorities ' are executing constantly growing programmes of expenditure and borrowing with but little regard to the financial consequences." The answer of the German Govern- ment is in brief that Mr. Gilbert has exaggerated, but it cannot with any plausibility be pretended that he has no Tight to interfere. The condition of German finance is by no means merely a domestic question ; when the German currency was reconstituted in 1924 the creditors of Germany lent her money to put the Dawes Scheme into effect. When Germany overspends, therefore, she is playing with money which is not really her own.
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