We had hoped,.from what Mr.- Lloyd George said recently, that
the principle of a fixed sum to be -paid by Germany had already been definitely accepted. We cannot imagine a worse impetus to German-industrial reeovery—which we all desire and on which the payment of money by Germany depends—than the feeling " the more -we work the more we shall have to pay." This is an Issue which must, bedeoided quickly. M. Poinoare resigned from the Reparations Commission because he disapproved of the fixed sum proposal -and, moreover, was in favour of the full letter of the Treaty. We cannot agree with him, but of course he represents a powerful group in France. We do not want to see any sensational rewriting or throwing over of the Treaty— that would mean fresh chaos—but we do wantto see the unwork- able parts of it modified-quietly and gradually in a sensible way. This ought-to be done by the League, but at least let it be done by the Supreme Council.
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