The official statement of the British plan for the general
settlement of reparation and European Inter-Allied debts was published in Wednesday's papers. To begin with, it proposes a moratorium for four years, during which time Germany will not be asked to pay anything. £100,000,000 in gold marks will be paid annually for the following four years. /125,000,000 in gold marks will be paid per annum for the next two years. After ten years £166,000,000 in gold marks, or such smaller sum as may be fixed by an impartial tribunal, will be paid. If the supervising authority, provided for later in the plan, decides unanimously that the state of German finances before the end of the initial period of four years is such that cash payments for reparation can be made, it shall have power to ante-date the beginning of the annual payment of two milliards of gold marks by such period not exceeding two years as it may see fit. It will also have power to make such adjustments in respect of future payments as it may deem to be equitable so as to secure that the total liability shall not be increased.