17 JANUARY 1925, Page 2

We frankly profess our sympathy with the view that as

all the Allies contributed their maximum of effort in the War it is reasonable to acknowledge that human lives and devastated areas can be set off against loans of money. We have always hated an intensive haggling about these disparate contributions. All this is not, however, tantamount to saying that France would be justified in paying America and ignoring her debt to us. That would be an offence. Mr. Churchill was right when he said that any French payments to America must be accompanied pari passu by payments to us. But with that reserve there is ample room, and an excellent oppor- tunity now, for a settlement.

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