6 JANUARY 1923, Page 10

Speaking generally, these terms must be considered well designed. They

are not, we believe, too lenient to Germany. They are not injurious to France, but dis- tinctly beneficial, unless inflated and therefore impossible claims are to be considered better than those which are reasonable and practical. No doubt the scheme for the supervision of German finance, which we cannot find space to quote at length, and which does not lend itself to summary, will be criticized ; but it seems to us well planned. The Germans would be very ill- advised if they rejected it, or again, if they accepted it nominally and then tried to avoid its consequences. It will support, not injure, their credit in the money market.