11 JULY 1925, Page 10

This is all movement in the right direction. We shall

no doubt adhere to the lines of policy laid down by Lord Balfour and endorsed by Mr. Churchill. We shall only ask to be assured that arrangements will be made that we should collect from our debtors so much as our creditors, the United States, collect from us. Those Americans who know the conditions under which they helped financially to win the War, and how these European debts were contracted, must sympathize, we think, with our feeling that we ought in justice to• have some priority in the settlement, or at any rate that the Continent's direct debts to the United States should not have a priority over their debts to us.

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