Mr. Baldwin also clearly sees that the real economic trouble
at the present moment is that none of the other belligerent countries!haayet been able-to put. its financial-, house in order and to tread that path of rigid economy and self-denial expressed. in taxation which we have trodden. To emphasize this, he pointed out the admirable results which have come from the beginning of the restoration of Austrian finance. " Surely, when the way heti been shown, the . same path can be followed where there is a will." ' This reflection naturally led to repara- tions. Here Mr. Baldwin showed the same firmness and justness of mind. He declared that an equitable settlement of reparations was imperative, and that the want of that settlement must be more and more felt in the international trade of the world.
" We have just made an offer to • our Allies, proposing the first
steps towards a settlement, conceived in such a spirit that I might fairly, hope that success might ultimately attend our efforts."
In any case, he (the Prime Minister) would leave nothing undone to bring about. a settlement should it be within his power. If those efforts were: unsuccessful, no one would. regret it more profoundly: than he.
