Mr.Balfour emphasized the seriousness of the crisis in one of his earliest talks with Mr.McAdoo, Secretary of the Treasury.

The British statesman was especially interested in the financial situation and he therefore took up this matter at an early date with the Treasury Department.
"Mr.Balfour," said Mr.McAdoo, "before we make any plans of financial assistance it is absolutely necessary that we know precisely where we stand.

The all-important thing is the question as to how long the war is likely to last.

If it is only to last a few months, it is evident that we need to make very different arrangements than if it is to last several years.

Just what must we make provision for?
Let us assume that the United States goes in with all its men and resources--that we dedicate all our money, our manufacturing plants, our army, our navy, everything we have got, to bringing the war to an end.