Full text: French war debt

se réserve le droit, en telle occurrence, de demander au Gouvernement britannique 
de discuter à nouveau la question à la lumière de toutes les circonstances alors 
C’est sous cette réserve expresse que j'accepte de signer l’accord que nous avons 
Londres, . 
le 12 juillet, 1926. 
Dear Mr. Churchill, 
In assuming the responsibility of signing the agreement for the settlement 
of the French war debt to Great Britain and thereby accepting the payment of 
che annuities fixed on the sole credit of France, I feel bound to explain that, 
in the opinion of the French Government, the future possibility of making 
payments and transfers across the exchange of the amounts required to assure 
the fulfilment of the debt settlements with the United States and Great Britain 
inevitably depends largely on the continued transfer of receipts from Germany 
ander the Dawes Plan. If, therefore, for reasons outside the control of France, 
such receipts should cease completely or to an extent greater than one half, a new 
situation would be created and the French Government reserves the right 
n such an event of askipg the British Government to reconsider the question 
n the light of all the circumstances then prevailing. 
It is subject to this express reservation that I am ready to sign the agreement 
which we have drawn up. 
12th July, 1526. 
12th July, 1926. 
Dear Monsieur Caillaux, 
{ have received your letter of the 12th July. As I have explained His Majesty's 
Government must maintain the position that the settlement which we have 
arrived at of the French war debt to this country depends, like that debt itself, 
on the sole credit of France. You will realise that in the hypothetical circumstances 
that you mention, Great Britain would already have suffered a diminution of the « 
"eceipts from the Dawes Scheme, which we have taken into account in arriving 
at the various debt settlements and this is one of the factors which would have

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