4                              
 
 
credit or bilateral agreements through which Germany
will pay for raw materials with exports of finished
goods.    I realize thoroughly that we want an outlet
for raw materials and that Germany is potentially one
of our best customers for such materials; but I am con-
vinced that anything that we do now, directly or in-
directly, will be of no real help to us and will merely
aid to maintain a regime which is beginning to totter,
and that the only hope for Europe, and for us all, is
that this regime does fall so that it may be replaced
by a Government with which we can deal in the ordinary
way.... As I see it, we have nothing to lose and every-
thing to gain by a policy of waiting."
 
 
Faithfully yours
 
 
(signature) William ?