ABSTRACT
I have already spoken of our desperate need for a huge loan and of my efforts both before the peace negotiations and immediately after to arrange for such a loan, of the fact that our chief hope for a market in which to float such a loan was France, and of the promise of the French government that it would aid us in our effort after its differences with Germany over Morocco were amicably settled. 1 I have also related how at Rominten I persuaded Emperor William to agree to an international conference to deal with the question. Time was of the essence, but we had no choice but to wait for the successful conclusion of the conference, which did not begin until January 1906, in Algeciras.
