re 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 L32,000,000 for
purchases here and elsewhere outside the Russian Empire. Russia has also
shipped L8,000,000 of gold to this country, so that we have established
credits in this country for Russia to the extent of L40,000,000 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._

The two Governments decided to raise the first L50,000,000 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 L10,000,000 on the credit
of Russia have been issued within the last few days. At 12 o'clock today
the