for war," and that
financial arrangements had been made for their participation
against Germany by the allied Governments of Great Britain,
France, and Russia; moreover, that Russia would be enabled
within a few months to export considerable quantities of her
grain and do her own financing--this statement preceded the
bombardment of the forts in the Dardanelles, probably to clear
the way for Russia's commerce--are the outstanding features of
the speech by Lloyd George presented below, foreshadowing a
new phase in the war. The speech was made in the House of
Commons on Feb. 15, 1915, to explain the results of the
financial conference between the allied powers to unite their
monetary resources, held in Paris during the week of Feb. 1.
It may be regarded as one of the most momentous utterances of
the war.

PARLIAMENTARY REPORT.

_The Chancellor of the Exchequer, (Mr. Lloyd George,)_ who was called
upon by the Speaker, said: I shall do my best to conform to the
announcement of the Prime Minister that the statement I have to make
about the financial conference in Paris shall be a brief one, but I am
afraid my right honorable friend assumed that we are all endowed with
the extraordinary gift of compression which he himself possesses.
[Laughter.] The arrangements that were made between the three Ministers
for recommendation to their respective Governments commit us to heavy
engagements, and it is, therefore, important I should report them in
detail to the House, and find some reason why we should undertake such
liabilities.

This is the most expensive war which has ever been waged in material, in
men, and in money. The conference in Paris was mostly concerned with
money. For the year ending Dec. 31 next the aggregate expenditure of the
Allies will not be far short of L2,000,000,000. The British Empire will
be spending considerably more than either of our two great
allies--probably up to L100,000,000 to L150,000,000 more than the
highest figure to be spent by the other two great allies. We have
created a new army; we have to maintain a huge navy. We are paying
liberal separation allowances. We have to bring troops from the ends of
the earth; we have to wage war not merely in Europe, but in Asia, in
North, East, and South Africa. I must say just a few words as to the
relative position of the three great countries which led us to make the
arrangements on