15 JUNE 1929, Page 2

Reparations More important perhaps than our domestic affairs is the

Report of the Experts on Reparations which has been published since our last issue. It follows closely the anti- cipations which have appeared in the Press, and recom- mends annuities that will average £192,500,000 ; the establishment of the International Bank that has to manage their collection and transfer ; the reduction of deliveries in kind ; the alterations in the percentages of repartition among the Allies as fixed at Spa, &c. The Committee demand that their Report should be taken as an indivisible whole. For the sake of stability we hope that the nations concerned will adopt the Report whether they would like small modifications or not, for it is the first agreement by creditors and debtors upon the sum total of the debt, and the first attempt to recognize the economic relation between- Reparations and international debts. The patience of the delegates on both sides, and their determination to reach agreement in the face of every obstacle, has been beyond praise. The Committee has deserved well of Europe and earns the nations' thanks.