part that represents pensions and separation allowances and the rest.
And with the abandonment of the former the proportion due to France
would be correspondingly raised. If France would agree to this--which is
in her interest, anyhow--and would terminate the occupation it would be
right for us to forgive her (and our other Allies) all they owe us, and
to accord a priority on all receipts in favour of the devastated areas.
If we could secure a real settlement by these sacrifices, I think we
should make them completely regardless of what the United States may say
or do.

In declaring for this policy in the House of Commons yesterday, Mr.
Asquith has given the Liberal Party a clear lead. I hope that they will
make it a principal plank in their platform. This is a just and
honourable settlement, satisfactory to sentiment and to expediency.
Those who adopt it unequivocally will find that they have with them the
tide and a favouring wind. But no one must suppose that, even with such
a settlement, any important part of Germany's payments can be
anticipated by a loan. Any small loan that can be raised will be
required for Germany herself, to put her on her legs again, and enable
her to make the necessary annual payments.




THE OUTLOOK FOR NATIONAL FINANCE

BY SIR JOSIAH STAMP, K.B.E., D.SC.

Assistant Secretary Board of Inland Revenue, 1916-19. Member of Royal
Commission on Income Tax, 1919.