NEWS OF THE WEEK
THE Anglo-American financial discussions in Washington keep "running into difficulties," as Lord Halifax said to the. Press last Saturday ; by this week, however, there appeared to be consider- able optimism among American officials that the talks would soon be successfully concluded, though rather less among the British repre- sentatives. It is probable that the discussion has now reached one of the stages at which, an approach to agreement having been made, the financial terms have been raised to a level the British represen- tatives are not prepared to accept. It is essential for the Americans to make an agreement that, however beneficial to us, shall appear a hard bargain to their own people, who cherish the belief that the British are the smartest of all smart customers. It is likely that the terms offered rise or fall precisely as it seems more or less difficult to persuade Congress to approve them. In the end, however, it is improbable, and would be unjustifiable, that the talks should break down on questions of arithmetic ; and on our side it must be presumed that the trade concessions which will be asked as a condition of the loan have already been discussed and accepted in principle. Indeed, they must be almost welcomed by some members of the British delegation. The final reason, however, why failure is not to be expected is that the sacrifices it would demand from us are, as an American writer has said recently, "identical with the chief injuries" it would inflict upon the Americans.
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