In Russia's dealings with France a like trouble made itself felt, but the same remedy was not applied. The Government there did not offer a State guarantee for acceptances by the Banque de France. The reasons for this difference of method are immaterial. The main point is that some other expedient had to be devised whereby Russia could discharge her short-term debts to her French creditors. In the Tsardom money was available for the purpose, but it was in roubles, which would first have to be exchanged into francs, and, as there was no rate of exchange, this operation could be effected, if at all, only at a considerable and unnecessary loss. After several weeks' negotiations, and a thorough study of the question, an agreement was struck up between the Imperial Russian Bank and the Banque de France, by which the latter institution placed at the disposal of the former the requisite sum in francs which was specially earmarked for the payment of Russia's private debts in Paris. The fall in the rouble was partly caused by the diminution of Russian exports, in consequence of the closing of the Baltic, the Mediterranean, and the land routes _via_ Germany and Austria. The whole harvest of 1914 lay garnered up in the Tsar's dominions, where prices fell to a low level, while the rouble lost one-fourth of its value. Russia's interest on her foreign debt was thus increased by twenty-five per cent. The Western allies, on the other hand, were paying huge sums for corn to neutrals. As in the long run all Entente Powers will have to bear their share of eventual losses, it behoved them to prevent or moderate them. And this they accomplished to a limited extent. It might have been well to go further into the matter and consider the advisability of entering into closer partnership than was established by their concerted efforts in Paris. An economic league with privileges for importation and exportation accorded to all its members--and only to these--not merely during the war but for a series of years after the conclusion of peace, might perhaps have tended to solve that and kindred problems. But the Allied Governments were constitutionally averse to taking long views or adopting comprehensive measures.