The Italian project reduced the German debt to fifty milliards of gold marks, proposed a moratorium of two years, during which Germany would continue the supply of reparations in kind, accepted the distribution of German payments according to the quotas fixed at Spa, by which the Italian quota was put at five milliards of gold marks, fixed the payment of one part of the “C” bonds by means of the security given by the other ex-enemy States, used the remainder of the “C” bonds to settle the debt to America, agreed to the taking of economic pledges as a guarantee of the German payments, and finally, as regards the payments of the reparations owed by Austria, Bulgaria and Hungary, asked for a pledge for the acceptance of the proposals which England had deferred putting forward—proposals, that is, of annulling those debts. The Italian quota of reparations, which the Italian project fixed at five milliards of gold marks, was thus reduced in the English project to less than half; whilst cancelling the bonds, it partly abolishes to our detriment German solidary responsibility for minor ex-enemy debts and rendered impossible the execution of the agreement of March 1921, which ensures important advantages to Italy upon the basis of the “C” bonds. The larger percentage reserved on the seventeen milliards, representing the interest of the moratorium capitalised to 1923, could not be used for the payment of American debts, in consideration of the aleatory nature of these seventeen milliards. I do not recall all this to reopen discussions, but only to make clear the main outlines of that which was and remains a noteworthy attempt to find a solution for this grave problem; an attempt which contains worthy elements which can be usefully taken up again in case of a definite settlement. The conclusion of an agreement between England and America on the problem of debts—the work of the then Chancellor of the Exchequer, Mr. Baldwin, to-day Prime Minister, followed shortly after the presentation of the English project. Any idea of this debt being itself cancelled, or even of a simple compensation through the payment of reparations, is excluded from this agreement. The obligation to pay, although facilities may be accorded concerning both the number of years in which it must take place and the interests due, is solemnly affirmed and put into execution. In England the Speech from the Throne strongly emphasised this agreement. Even taking into account the diversity of economic strength and the totality of sacrifices borne, it could not remain without effect upon the importance of the whole question for the other European Powers.