24 JUNE 1916, Page 3

Next comes a very wise declaration that, since the war

has put an end to all the treaties of commerce between the Allies and enemy Powers, and since the liberty of none of the Allies should be ham- pered by any claim put forward by the enemy Powers to most- favoured-nation treatment, "the Allies agree that the benefit of this treatment shall not be granted to those Powers during a number of years to be fixed by mutual agreement among themselves." That is a sound proviso. The most-favoured-nation clause gives the Power that possesses it a finger in the commercial pie which it is not safe to give to a Power like Germany.