Lloyd George's point of view was that the Germans could very properly pay a limited amount such as 3,912,486,782,421 marks, but it was not feasible to put on them a burden of 4,281,390,687,471 marks. By the way, if any one at this point doubts the accuracy of the figures just given, all he has to do is to take the amount of the indemnity as stated in gold marks and then multiply it by the present value of the mark and he will find to his chagrin that the figures are correct. If he is still not satisfied I refer him to a book of Logarithms. If he is not satisfied with that I refer him to any work on conic sections and if not convinced even then I refer him so far that he will never come back. The indemnity being thus fixed, the next question is as to the method of collecting it. In the first place there is no intention of allowing the Germans to pay in actual cash. If they do this they will merely inflate the English beyond what is bearable. England has been inflated now for eight years and has had enough of it. In the second place, it is understood that it will not do to allow the Germans to offer 4,218, 390,687,471 marks' worth of coal. It is more than the country needs. What is more, if the English want coal they propose to buy it in an ordinary decent way from a Christian coal-dealer in their own country. They do not purpose to ruin their own coal industry for the sake of building up the prosperity of the German nation. What I say of coal is applied with equal force to any offers of food, grain, oil, petroleum, gas, or any other natural product. Payment in any of these will be sternly refused. Even now it is all the British farmers can do to live and for some it is more. Many of them are having to sell off their motors and pianos and to send their sons to college to work. At the same time, the German producer by depressing the mark further and further is able to work fourteen hours a day. This argument may not be quite correct but I take it as I find it in the London Press. Whether I state it correctly or not, it is quite plain that the problem is insoluble. That is all that is needed in first class politics. A really good question like the German reparation question will go on for a century. Undoubtedly in the year 2000 A.D., a British Chancellor of the Exchequer will still be explaining that the government is fully resolved that Germany shall pay to the last farthing (cheers): but that ministers have no intention of allowing the German payment to take a form that will undermine British industry (wild applause): that the German indemnity shall be so paid that without weakening the power of the Germans, to buy from us it shall increase our power of selling to them. Such questions last forever.