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On Saturday week the Brussels Conference discussed, the distribution among

the. Allies of the German indemnity. It is difficult to take much more than a mild academic interest in such a discussion, for he must indeed be an optimist who hives for any reduction of our British Budgets by means of German payments. Whatever money may be paid by Germany will go in relief to France and Belgium and Serbia before our- selves. On the whole, we think it would be better to do the graceful act now when we can obtain some credit for it and admit that we do not seriously expect any compensation. The alter- native is to drag on in the pretence that we mean to be paid,

and in the end we shall get nothing—not even the reputation of having behaved handsomely.

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