5 AUGUST 1922, Page 1

We spent, we lent, like heroes in our determination to

win in a good cause. We never thought of how we, as apart from the Allies, should benefit. No demand for pecuniary help that could possibly be granted was ever refused. We never haggled

for security. When we had no more to spend or to lend we pledged our good name for tho Allies and borrowed for them from America. The money we thus borrowed was not sent here to save our taxpayers. It was at once passed on to our Allies. We never battened on American dollars. That, of course, is not a matter that concerns our debt to America, and, indeed, should never have been mentioned between us as we show elsewhere. Since, however, it has been so ill-advisedly intruded, let us have the whole story and not the half.