Terms have been agreed upon for the appointment of the
Committee of Experts who are to draft the final settlement of Reparations. The experts are not to be bound by instructions from their Governments, but this provision does not mean much as the Governments reserve the right to reject or modify the recommendations. It is not certain when we write what part America will take in the work of the Committee. Probably the American delegates will be unofficial. Yet America is intimately concerned in the settlement. France desires the marketing of an immense number of German bonds and only America can take up most of them. The natural American comment is that France wants to be sure of getting her Reparations, but is much less troubled about paying her debt to America. America, it is pointed out, would practically become the direct creditor of Germany.
