TIIE DEADLOCK.
Until the full Reports have been issued of the Repar• ations agreement, it is impossible, of course, to know precisely what has happened at Paris; and in the • City there are still strong hopes that an amicable agreement will be reached. So far as may be judged, however, from the cables which have' appeared, the Allies made certain proposals which the German representative, Dr. Schacht, found himself unable to accept. It was then the turn of the German delegate to make counter proposals. These, as _perhaps was not altogether' unnatural, fell materially below the "proposals of the Allies. What, however, came as a surprise and apparently as a shock both to the Conference and to the various International centres which had been watching developments with keen interest, was the fact that this greatly reduced figure offered by Dr. Schacht on behalf of Germany was put forward apparently not as a basis for negotiation but as an ultimatum, and, moreover, was accompanied by—so far as his larger: figure was concerned—some very unexpected political stipulations..
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