There is a serious dispute over tlie Chinese indemnities. One
at least of the Powers has suggested that each Power should press ith own claims, and that then if the total is too large each claim should be reduced by a fixed percentage. The effect of this absurd proposal is that the Power which most exaggerated- its losses would be best repaid for them, while reasonable Powers would be docked of their just rights. The counter proposal is that the Powers should fix the total sum they think just, and then distribute it among themselves ; but even that would lead to many bickerings, and perhaps even angry quarrels. . A handful of millions would be most con- venient.both to France and Germany just now. The right _ plan would be to fix a maximum, and then to appoint a single arbitrator with instructions to inaks as just a distribution as he could ; but the Powers seem totally unable to trust each other, even to settle an ordinary business award. America and Russia are both inclined to reduce the indemnity to a nominal amount, while other Powers talk of sixty, or even eighty, millions. About fifty would seem to be the just maximum, but the raising even of that sum may seriously impair Chinese credit. No State will pay its Debt till in- evitable executive expenses have been paid.
