"We have every reason to believe that this problem will be solved with a maximum of security and justice, thanks to the combination of a fixed annual payment and a variable annual payment, whereby the Allies' credit against Germany is interlocked with Germany's progress.
"The French Government has, therefore, by no means renounced its hope of being able to obtain from Germany, if she revives economically, the total payment of her debt. The Reparations Commission will fix the total before May 1, 1921, in accordance with the Treaty.
"The 12 per cent. tax on exports—true and immutable index of the economic prosperity of the debtor—will enable us to approximate to the full acquittal of the account.
Text read from the printed page and cleaned; old type leaves the occasional error.