Credits for Allies The export credits agreements with Rumania and
Greece were signed last week ; they cover a total amount of Z7,5oo,000, of which £5,500,000 is for Rumania and £2,000,000 for Greece. The agreements take the form of a British guarantee of the principal and interest of bonds to be issued by the two Governments ; the proceeds of their sale will be devoted to the purchase of British exports. Great Britain is now giving financial assistance to four friendly Powers which are collaborating with her in the front against aggression ; Turkey is to receive in all L16,000,000, of which £5,500,000 has been "approved for payment," and Poland £13,000,000, though the agreement with her has not yet been finally signed. The delay is probably due to Poland's desire to spend the credits where and as best suits her, and not necessarily in Britain. The policy of subsidising Britain's allies initiated by these credits is one whose worth has been well proved in the course of this country's history ; the only doubt that arises is whether the policy is being carried far enough to meet the pressing needs of Britain's new allies, especially in armaments. In the present situation any investment in friendly countries in Eastern and Central Europe will bring a wholly dispro- portionate return. To be grudging would be fatal.
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