The last continuation conference assembled at Paris on January 2, 1923, and was attended by three premiers, those of France, Great Britain, and Belgium, and by a substitute for the Italian premier. Its outcome was never in doubt; for the irreconcilable points of view of Great Britain and France toward the problem of reparations had long been evident. Already, on December 26, the Reparations Commission had decided, against the vote of Great Britain, that Germany was in voluntary default in wood deliveries for 1922. The British press for a long time had been pointing out that there was little hope of getting any money out of Germany if a default should be declared, followed by punitive measures. Poincaré and Bonar Law stated in detail their proposals for dealing with Germany. Both suggested reducing the amount to 50,000,000,000 gold marks, and agreed that if this were done the concession should be accompanied by a demand for comprehensive financial control of Germany. The difference of opinion was over the method of guarantees. Bonar Law asserted that Great Britain would consent to the further occupation of German territory only if Germany defaulted after the revised schedule went into effect, and then only if the Allies were unanimous. This meant, of course, a flat refusal to admit the wisdom of the occupation of the Ruhr Valley. France wanted to pay her debts to Great Britain with reparation bonds issued by the Reparations Commission. Great Britain retaliated by proposing that the French and Italian gold deposited in London during the war as security for advances be now turned over to Great Britain in partial payment of debts due to her. Italy presented again the suggestions made by Mussolini at London three weeks earlier. Mussolini had been in sympathy with the Poincaré program, both as to productive guarantees through occupying more German territory and as to the method by which debtor allies should acquit their obligations to the creditor ally; but the Italian Government was opposed to military action and would not pledge itself to coöperate with France and Belgium in occupying the Ruhr.