We must return to this subject in its proper order
in the events of the week, but we think it necessary to point out at once that there will be no hope of sustain-. ing the credit of Great Britain, and no hope for that continued peace which depends upon mutual trust nations, ations, if foreigners are allowed to think that Englishmen are casually playing battledore and shuttle- cock with such settlements—for so they have been gener- ally regarded—as those of the War debts of the Allies. If, as a nation, we can cut down expenditure drastically, it will be only because we are in a safe enough position to reduce armaments. Make peace- in effect a party question and there will be no trace left of that confidence which alone can make a nation believe that the time has come for safely throwing down its defences.
