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Last January the British Government, with a proper sense of

the situation, proposed that the C Bonds, which really mean nothing and arc an impediment to Germany's credit and thus to her recovery, should be scrapped. M. Poincare now suggests that France's debt to Great Britain of more than £600,000,000 should be paid in this paper of no value. He goes on to point out that France has never repudiated her debt either to Great Britain or to America, but he adds : "We cannot pay it until we have received from Germany what Germany owes us. We shall claim from Germany over and above the 26 milliards (£1,300,000,000) whatever is claimed from us." In form, then, M. Poineare agrees to fixing the total sum due from Germany at £2,500,000,000, but the sufferer from this apparent concession is not to be France.

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