Lord Curzon begins by describing the German offer as a
" great disappointment.". In his opinion, the German Government ought to have foreseen that it would be regarded as inadequate and have guarded itself against obvious causes of criticism. The main grounds of dis- appointment are stated to be : (1). The sum offered by Germany falls far below the moderate amount whieh Great Britain suggested last January. Moreover, even this inadequate amount is dependent on a series of inter- national loans which are so speculative that even the German Government itself evidently regards them with doubt. (2) Germany failed to indicate with any pre- cision the nature of the guarantees which she would give. The Allied Governments " are confronted with vague assurances and references to future negotiations which in a business transaction of this kind are lacking in practical value." Lord Curzon concludes with the hope that Germany will expand her proposals.