Credits to Friendly Powers The Government's introduction of a Bill,
to be passed into law before the summer recess, authorising it to give credits for the purchase of British exports to States in economic difficulties, has been received with execration in Germany and with approval elsewhere. The announcement must have been doubly painful to the Germans. On the one hand the Bill is another step in the process of placing arms in the hands of Germany's intended victims. On the other hand its method, that of giving credit to purchasers of our goods, is a singular and to them doubtless painful commentary on the method which they adopt of binding weaker Powers more closely to themselves—namely taking delivery of goods and not paying for them. The granting of credits for the pur- chase of munitions and machinery is, indeed, the most prac- tical method possible of strengthening the defences of Poland or Rumania. It is not so much Germany's man-power which is intimidating to these countries but the highly efficient industrial machine which is behind it.
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