Again, it was asserted that Dr. Schacht had refrained from
sending a written reply to the observations of the creditor Powers on the German " reserves " from a mis- chievous desire to prolong the agony. The truth is that Dr. Schacht confined himself to a verbal communica- tion solely in the interests of the Conference, because his reply must have been that, the creditor Powers having failed to accept the Young annuity, the German delegation was free to propose a lower sum. It is also being alleged that the German Government has refused to negotiate separately with Belgium on the question of the depreciated marks. The truth is exactly the opposite. A Press campaign of this sort is, of course, unhappily nothing new The British delegates them- selves, however, are known to be perturbed because these distortions are being traced to the French delegation, which daily gives out information to the Press.
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