Governments concerned have the 'The Franch reply says, that the lit to expect from the Commis sion definitive decision embody. ing the experts' conclusions, iP. porting them with argument, giving them practical form and Pleting them on certain points. Tt adds thit the Governments <an only take useful action after Commission hae completed this work, and states that the French Government. must consider under what conditions the present French and Belgian guarattecy shall be merged in or exchanged for those which will be handed fan undivided whole to all the Allies, These operations, it says, cannot be effected until Germany has effectively put the plan into execution. conclusions. ae a Whole aad ¢x-'The Belgian reply accepts the
presses hope that the Commis-jon will consider the German draft Inws'and decrees and 1080 time in preparing measures enable the plan to be promptly enforced by common agreement of the Allies, with whom Belgium 18 entering into immediate contact.
The Ttalian reply states tha, the Govarnment is prepared 10: adopt integrally the ' conclusions. and the principles inepifing them.
'The Repatations Commission has taken the firse stop in the application of the experts' plans by fa dinner that the chief delegates gave to Mr. Picrpont Morgan, a the beginning of a campaign' of consultation of leading interna tional financiers, including neutrols, especially in connexion with the flotation of a. German
Text read from the printed page and cleaned; old type leaves the occasional error.