Turkey's firm declaration of adherence to her engage- ments with
Britain and France has been one of the more important and reassuring events of the past week. But from all I hear the British Treasury deserves sharp con- demnation for the attitude it adopted over the Turkish loan. That at a moment like this there should be haggling over whether Turkey should pay 5 per cent. or 3i per cent. interest on credits for the purchase of munitions in Great Britain strikes the taxpaying onlooker as almost criminal folly. As the Turks themselves protested : " These guns are to fight Germany with, whether you fire them off or we do." Turkey's support is of the utmost value ; to risk it for a difference of II per cent. on purchases is deplorable. Actually I believe the lower figure has finally been agreed on—after a good deal of harm has been done psychologically.