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The British delegates have been chosen for the two important

Committees which are to serve under the Reparation CommiEsion. They are Sir Robert Kin- dersley, Sir Josiah Stamp and Mr. McKenna. Sir Robert Kindersley and Sir Josiah Stamp will serve on the Com- mittee for considering means for balancing the German Budget and stabilizing the German currency. Mr. McKenna will serve on the Committee which is to con- sider the question of exported German capital. It may be remembered that some months ago Mr. McKenna formed the estimate that the total amount of German capital outside Germany was about £200,000,000. We wrote last week of our belief that these Committees, with American help, might after all put an entirely new aspect upon the whole reparation tangle.

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