* * Reparations When we write, the issue of the
Reparations Conference is still in the balance. The-general effect of the last week has been to concentrate on the real question—how much can Germany pay without damage to her credit and currency, and how much can the Allies safely receive in order to meet the debts to America without dislocating the ordinary processes of international trade ? According to an intelligent forecast of the final Report, which is -_being drafted by Sir Josiah Stamp and Dr. Schacht,_ Germany agrees to an annuity of a little over two milliards of marks (i102,500,000) subject to the following safe- guards: • • that in the event of currency difficulties one half of the protected or conditional payments might be sus; pended ; that not only the transfer but also the collection of such moneys (the " conditional " payments) should be capable of suspension for two years, and that if necessary the amount should be revised ; that Germany should benefit proportionately by any modification of the whole debt position as between the Allies in the future.
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