Note 111 — Chapter VII

This scheme is in no way concerned with the debt of Great Britain to the United States, which is excluded from the above figures. The question of the right treatment of this debt (which differs from the others chiefly because the interest on it is capable of being actually collected in cash) raises other issues with which I am not dealing here. The above proposals for cancelation relate solely to the debts owing by the Governments of Continental Europe to the Governments of Great Britain and the United States.