We said just now that the arrangement between Russia and
Germany so far as it concerns the revival of trade is not bad in itself. This is easily demonstrable. Russia and Germany write off their debts as against one another, and we can hardly imagine a better inauguration for a revival of trade. We have always thought it possible that the Allies mill at last be com- pelled to adopt this policy among themselves. As regards finance, the policy of Russia and Germany is indeed more like Mr. Lloyd George's own policy than is the policy of the French. It is earnestly to be hoped that the French will see the signi- ficance of this fact. If they shbuld make Mr. Lloyd George's objects, which we are sure are right in themselves, unattainable, the line of least resistance would be for all those nations which desire a scheme of financial good will to join together. This might mean in the end not the isolation of Germany but the isolation of France.
