What are these "C" Bonds?
They are a part of the London Settlement of May, 1921, and, roughly
speaking, they may be said to represent the excess of the Reparation
Commission's assessment over the capitalised value of the London
Schedule of Payments, and a bit more. That is to say, they are pure
water. They mainly represent that part of the Reparation Commission's
total assessment which will not be covered, even though the London
Schedule of Payments is paid in full.
In offering the cancellation of these Bonds, therefore, M. Poincare is
offering exactly nothing. If Great Britain gave up her own claims to
Reparations, and the "C" Bonds were cancelled to the extent of France's
indebtedness to us, France's claims against Germany would be actually
greater, even on paper, than they are now. For the demands under the
London Settlement would be unabated, and France would be entitled to a
larger proportion of them. The offer is, therefore, derisory. And it
seems to me to be little short of criminal on the part of _The Times_ to
endeavour to trick the people of this country into such a settlement.
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