From the British point of view it is desirable that
the prior charges should be as small as possible, as there will then be more money left over to pay in reparations. France, however, may well think that her " real " share of reparations will be larger if the prior charges are put high, because her expenditure in Germany has been more than that of anybody else. As for the proceeds of the Ruhr occupation, we do not see how Great Britain can touch them. If money was made it was made illegally. The participation of America in the discussions presents a very pretty problem of its own. America, of course, is asking for a share in the German annual payment. At first sight it seems demonstrably wrong for America to make any claim as she did not sign the Versailles Treaty under- which reparations are being collected. She made a Treaty of her own with Germany; On the other hand, it can fairly be said that the Dawes Scheme is such a modification of the Versailles Treaty that it has opened an entirely new era and method. Anyhow, we owe the Dawes Scheme to America, and we imagine that in the end the American claim to a share will not be seriously resisted.
