There was only one exception which we decided to recommend, and that was in the case of borrowings by small States. We decided that each of the great allied countries should contribute a portion of every loan made to the small States who were either in with us now or prepared to come in later on, that the responsibility should be divided between the three countries, and that at an opportune moment a joint loan should be floated to cover the advances either already made, or to be made, to these countries outside the three great allied countries. That was the only exception we made in respect of joint loans. Up to the present very considerable advances have been made by Russia, by France, and by ourselves to other countries. It is proposed that, if there is an opportune moment on the market, these should be consolidated at some time or other into one loan, that they should be placed upon the markets of Russia, France, and Great Britain, but that the liability shall be divided into three equal parts. With regard to Russia, we have already advanced £32,000,000 for purchases here and elsewhere outside the Russian Empire. Russia has also shipped £8,000,000 of gold to this country, so that we have established credits in this country for Russia to the extent of £40,000,000 already. France has also made advances in respect of purchases in that country. Russia estimates that she will still require to establish considerable credits for purchases made outside her own country between now and the end of the year. I am not sure for the moment that it would be desirable for me to give the exact figure; I think it would be better not, because it would give an idea of the extent to which purchases are to be made outside by Russia. But for that purpose she must borrow. _The amount of her borrowing depends upon what Russia can spare of her produce to sell in outside markets and also on the access to those markets._ _If Russia is able within the course of the next few weeks or few months to export a considerable quantity of her grain, as I hope she will be, as in fact we have made arrangements that she should, [cheers,] then there will not be the same need to borrow for purchases either in this country or outside, because she can do her own financing to that extent._