7 FEBRUARY 1920, Page 2

As Mr. Glass's letter seems to have produced the impression

that Great Britain wanted to borrow afresh from America, our Treasury promptly informed him that we had no intention of doing so. Since June last, British Government purchases in America had been paid for. Great Britain had begun to repay the American loans—none of which, we may add, would have been needed if we had not been obliged to advance vast sums to our Allies and the Dominions. Instead of borrowing from America, Great Britain proposed to lend money for the relief of Europe, and hoped that America would co-operate with her.