[168] It is reported that the United States Treasury has agreed to fund (_i.e._ to add to the principal sum) the interest owing them on their loans to the Allied Governments during the next three years. I presume that the British Treasury is likely to follow suit. If the debts are to be paid ultimately, this piling up of the obligations at compound interest makes the position progressively worse. But the arrangement wisely offered by the United States Treasury provides a due interval for the calm consideration of the whole problem in the light of the after-war position as it will soon disclose itself.