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Belgium, Italy and Japan accepted the Prime Minister's proposals, but

M. Poinear6 said that he could not assent to an unconditional moratorium. Mr. Lloyd George vainly assured him that Great Britain felt no tenderness for Germany but objected to measures which would not bring in money. M. Poincare, firmly convinced that Germany is shamming poverty and trying to deceive her creditors, would not budge an inch from his position. For a payment on account of her private debts Germany was given a month's grace, but the main question of publio reparations remained unsolved.

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