wartime debt problem was compromised on satisfactory terms. London renegotiated its £978 million debt to the US Treasury by promising regular payments of £34 million for ten years then £40 million for 52 years. The idea was for the US to loan money to Germany, which in turn paid reparations to Britain, which in turn paid off its loans from the US government. In 1931 all German payments ended, and in 1932 Britain suspended its payments to the US, which angered American public opinion. The British debt was finally repaid after 1945. The League of Nations was established, but Wilson refused to negotiate with Republican supporters of the League. They objected to the provision that allowed the League to force the United States to join in a war declared by the League without the approval of Congress or the president. The Treaty of Versailles was defeated in the Senate. The United States never joined the League, leaving Britain and France to dominate the organization. In any case, it had very little effect on major issues and was replaced in 1946 with a United Nations, Largely designed by Roosevelt and his staff, in which both Britain and the United States had veto power. Major conferences, especially the Washington Conference of 1922 occurred outside League auspices. The US refused to send official delegates to League committees, instead sending unofficial "observers". Coolidge was impressed with the success of the Washington Naval Conference of 1921–22, and called the second international conference in 1927 to deal with related naval issues, especially putting limits on the number of warships under 10,000 tons. The conference met in Geneva. It failed because France refused to participate, and most of the delegates were admirals who did not want to limit their fleets. Coolidge listened to his own admirals, but President Hoover did not, and in 1930 did achieve a naval agreement with Britain. A second summit took place between President Herbert Hoover and Prime Minister Ramsay MacDonald in the United States in 1929. Both men were seriously devoted to peace, and the meeting went smoothly in discussions regarding naval arms limitations, and the application of the Kellogg–Briand Pact peace pact of 1928. One result was the successful London Naval Treaty of 1930, which continued the warship limitations among the major powers first set out in 1922. During the Great Depression, starting in late 1929, the US was preoccupied with