The peace party in Germany, however, had other views. There was a feeling that an understanding on the basis of the act of Algeciras between France and Germany might lead to a weakening of the Entente between France and Great Britain, and be useful economically to German enterprise. On February 8, 1909, when Monsieur Clemenceau was at the head of the French Government with Monsieur Stephen Pichon as his Foreign Minister, Germany recognized, more freely than it had recognized before, the interests of France in Morocco for the maintenance of order, and promised collaboration economically. A secret letter changed hands, confirming this agreement, and admitting that Germany should remain disinterested in the politics of Morocco. In this same letter it was admitted also that the economic interests of France in Morocco were more important than the economic interests of Germany. The importance of this letter rested of course on the fact that it practically entailed the suppression of immediate friction between the two countries. The Clemenceau Cabinet worked hard to carry the good work further still, so that the spirit of this Franco-German understanding should be extended to the Congo. The French representative of the bondholders of the Moroccan debt, Monsieur Guiot, who had been in the French Foreign Office, paid a visit to Berlin, and the result of his negotiations with the German Foreign Office in the Wilhelmstrasse was a memorandum dated June 2, 1909, by which it was decided to create a Franco-German Company for the purpose of exploiting certain concessions. On June 5 the French Minister for Foreign Affairs, Monsieur Pichon, took counsel with the French Colonial Minister, Monsieur Milliés-Lacroix, on the advantages and disadvantages of this Franco-German collaboration. At the end of July 1909, the Clemenceau Cabinet fell. Monsieur Briand became Prime Minister and retained Monsieur Pichon at the Quai d’Orsay, but Monsieur Clemenceau dropped out of the Cabinet and Monsieur Caillaux was no longer Minister of Finance. It is not too much to say that the Clemenceau-Caillaux alliance dates from this little upheaval in French internal politics, and it was at this point that Monsieur Caillaux’s enmity to Monsieur Briand and Monsieur Pichon first led him astray. On August 2, 1909, the N’Goko Sanga Company, in reply to a letter from the Minister for Foreign Affairs offered to give up, against a substantial indemnity, a portion of the territory for which it held concessions. A commission was formed to discuss terms, but it was not till April 29, 1910, that the amount of the indemnity was definitely stated. The indemnity was to be F2,393,000 or £95,720.