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We always expected that if a deadlock was reached —and

it was reached in the middle of last week—Mr. Owen Young, the American representative, would come forward with some proposal half-way between what the Allies demanded and what Germany offered. This duly happened. The existing depression was at once turned into high hopefulness. The latest German offer was, in fact, the direct result of Mr. Owen Young's sugges- tions. It was provisionally accepted by the British dele- gates, on the necessary condition that the percentage of payments to the Allies should not be disturbed. The percentages are : France, 52 per cent. ; Great Britain, 22 per cent. ; Italy, 10 per cent. ; Belgium, 8 per cent..

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