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Unnecessary trouble has likewise been caused by the inspired statements

in the French Press, and by French correspondents here, with regard to a division of payments into " conditional "—subject to the require- ments of Allied indebtedness to America—and " uncon- ditional "—to be applied to Reparations proper, primarily French and Belgian indemnity costs. This is obviously a matter for the International Central Bank, which will take over the " transfer " duties from the Agent-General for Reparation Payments. No question of priority arises, and to raise any such issue now is to bring back the whole issue into that political atmosphere from which, we hope and trust, the Committee will succeed in finally removing it.

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