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After some six Weeks of hard thinking and fruitful discussion,

the experts have set. down in black and white' that which is common groUnd.to all Germany's creditors. To this memorandum Mr. Owen Young has added useful suggestions in his capacity as unofficial arbitrator. We therefore confidently expect that Herr Schacht, now provided with a firm basis of discussion, will quickly bring back from Berlin a definite figure for Repara- tion Payments which his Government will propose in place of . the Dawes annuities. The action' of Heir Hugenberg, the Nationalist party leader, in addressing a circular-letter- to 8,000 prominent persons in the-United States over the head of his 'Government was singularly ill-advised.

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