Ex-Enemy Property Among Dr. Schacht's complaints, however, is one that
concerns Great Britain in particular. Mr. Snowden's recent refusal to return the surplus of ex-enemy property remaining after the claims of British nationals had been satisfied is quoted as a departure from the expert's recommendations. Whether this is so or not only the experts can say ; their remarks are ambiguous in their Report, and have been subsequently conflicting. It seems, as we said last week, that Mr. Snowden has the law on his side. It i. as well, however, to remember that, when it was thought that the balance would be unfavour- able to Germany, we interpreted the law in the opposite sense, and that Germany made several payments on account of this supposed balance. And there are two other points to be considered. The City of London has already felt, and is likely to continue to feel, the effect of our persistent refusal upon our credit. A reversal of this policy would, secondly, even if limited in degree, remove to some extent a grievance which is likely to rankle in German minds almost as long as the " Ruhr Adventure." Mr. Snowden will be wise to consider these points in his present negotiations with the Germans.
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