Now to turn to inter-Allied debts. M. Clemente], the French
Minister of Finance,- has proposed to America that France should be granted a moratorium. The British Government is believed to have declared that they will raise no objection. It is further said that the British Government will not object to France securing from America more favourable terms than we have got provided that pan i passu with any payments made to America we should also receive payment. We can say at once that if this is the policy of the British Government it is a very sound one. Every sensible person knows that France either cannot or will not pay in full. The thing is to get something but also to be fair and even generous. No doubt the American Government will not forget the 'great sacrifices of France in human life. Others spent more money ; she spent more lives. What would be intolerable, however, would be that France, while securing Very favourable terms from America, should simply ignore her debt to us.
