Mr. Parker Gilbert repeats the criticism which he made' in
his memorandum of last year that the German Budget is under the influence of " over-spending and over- borrowing." These faults are due to the great increase in official salaries and pensions, and the drain of the financial settlement between the Reich and the States and Communes. It is obvious that Mr. Parker Gilbert's recommendation of a revision of the Dawes Scheme is based not on any -theory of Germany's incapacity to • pay but- on the high ground of financial principle. He thinks it- utterly wrong and potentially demoralizing that Germany should continue to pay Reparations year by year without knowing what is the full amount of her obligations. Mr. Parker Gilbert's report has caused a -clients of deprecatory lamentation' in Germany. All the newspapers see how inconvenient is the conjunction of the report and the opening of the Reparation negotia- tions. We can whole-heartedly admire Germany for her recovery, but really this excessive Miserere nearly spoils the performance.
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