The two Governments decided to raise the first £50,000,000 in equal sums on the French and British markets respectively. That will satisfy Russian requirements for a considerable time. As to further advances, the allied countries will consider when the time arrives how the money should be raised according to the position of the money markets at that time. I have said that we gave a guarantee to Russia that she need not hesitate a moment in giving her orders for any purchases which are necessary for the war on account of fear of experiencing any difficulty in the matter of raising money for payments. We confidently anticipate that by the time these first advances will have been exhausted the military position will have distinctly improved both in France and in Russia. I may say that Treasury bills to the extent of £10,000,000 on the credit of Russia have been issued within the last few days. At 12 o'clock today the list closed, and the House will be very glad to hear that the amount was not merely subscribed but oversubscribed by the market, because this country is not quite as accustomed to Russian securities as France, and, therefore, it was an experiment. I think it is a very good omen for our relations, not merely during the war, but for our relations with Russia after the war, that the first great loan of that kind on Russian credit in the market has been such a complete success. Now we have to consider the position of this country with regard to the possibility of our gold flitting in the event of very great credits being established in this country. The position of the three great allied countries as to gold is exceptionally strong. Russia and France have accumulated great reserves which have been barely touched so far during the war. I do not think the French reserve has been touched at all, or has been used in the slightest degree, and I think as far as the Russian reserve is concerned it has only been reduced by the transfer of £8,000,000 of gold from Russia to this country. Our accumulation of gold is larger than it has ever been in the history of this country. It has increased enormously since the commencement of the war. It is not nearly as large as that of Russia, France, or Germany, but it must be borne in mind that there is this distinction in our favor; up to the present we have had no considerable paper currency, and this is the great free market for the gold of the world. The quantity imported every year of, what shall I call it, raw gold, comes to something like £50,000,000, and here I am excluding what comes here by exchanges. The collapse of the rebellion in South Africa assures us of a large and steady supply from that country, and, therefore, there is no real need for any apprehension.