This is unquestionably a statement of the first im- 1048
portance. But when Mr. MacDonald says that " it is felt " that the obligations of the Dawes Report are outside those imposed upon Germany by the Versailles Treaty, he does not tell us by whom it is felt. Undoubtedly almost everyone in England would regard his statement as a truism. So v. st and complicated a transaction as that contem- plated by the Dawes Report cannot have the faintest chance of success unless Germany is a willing partner. Thus it is obvious that there can be no question of forcing Germany to adopt the Dawes Report. She must do so for the same reason that the Allies adopt it, namely, because it is the one method of bringing back stability and prosperity to Europe. But perhaps it is not realized in this country how completely different is the French view of the situation. The French Government has never admitted for a moment the British contention that the occupation of the Ruhr is illegal under the Treaty, and it has already declared that the measures of the Dawes Report can be covered by the Treaty.
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