An agreement in principle was not reached till midnight on
Tuesday after seven hours of ex- hausting and anxious controversy. It covers both the distribution of annuities and deliveries in kind. The French, Italians, Japanese and Belgian delegations made their final proposals in the presence of the British delega- tion. Their proffered adjustments, which are subject to the consent of Germany, will secure to Great Britain, within the framework of the Young Plan, £2,000,000 annually. Of this sum £1,800,000 will consist of annuities guaranteed by the other creditor Governments. It was further agreed that Great Britain should receive /900,000 from the balance of the unconditional annuity available for distribution under the Young Plan, and finally, from a rearrangement of the annual amount of the unconditional annuities without increasing the total, an additional £2,100,000. For this rearrangement Germany's consent will again be necessary. Altogether Great Britain is to receive 14,800,000 in unconditional annuities. As regards deliveries in kind, the Italian dele- gation undertook that the Italian State Railways shall buy one million tons of British coal annually for three years at the best British export market price.
