REPARATION POSSIBILITIES.
• Then as regards Reparations, ft must be remembered that the problem has both its political and -financial aspects, and as regards the former it may fairly be said that almost any arrangement which contained within it the elements, first, of political accord and amity, and, then Of finality in the inatte.r of payments and the iettleinent of all questions outstanding, would undoubtedly have a sentimentally good effect both on finance-ind. on businesS. At the same time, should the settlement of the Reparation problem by any chance take the form of-what may be termed lump sum settlements through a flotation of some big international loan, the effect of such large amounts being placed upon the world's _markets might have some disturbing effect upon existing securities.
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