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Of course, the wise policy would be for the Allies

to take Germany at her word and thus reach a final settle- ment almOst at once. But with. France in her present state of mind and with opinion here and in America still divided between loyalty to an Ally whom they saved and to a world which they may ruin by their inaction, this is obviously asking for the moon. At any rate, we sincerely hope that the British and American Govern- ments will examine the German proposals, if and when they arrive, coldly and calmly on their merits as an economic settlement and will then reflect on the interests of their own people and not on the alleged interests of their late Ally.

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