Alter further criticism very much on the line adopted by
us last week, Lord Grey laid down specifically four very sound principles in regard to the settlement of the debt question
" No one contemplates that we should give up that £900,000,000 for nothing. We want a settlement of reparations ; there are four points that must go to make a settlement :-
(1) German reparations must be reduced to a manageable and practicable amount. (2) There must be a moratorium of adequate duration for the payment of reparations. (3) All that is possible must be done to put Germany on her feet. (4) When all that is arranged, and provided that Germany fulfils her Treaty obligations, Germany should be admitted to the League of Nations.
Germany undoubtedly owes us reparations to the utmost extent that she can pay. But if you want to get money from a debtor you must do something to put him on his feet so as to enable him to earn the money which he must pay. Apparently it is contemplated to raise an international loan for Germany, and the sooner it is arranged the better:"
