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Deplores the behaviour of the English, French, and German premiers at the indemnity negotiations. Suggests issuing a pamphlet on the present financial situation as a postscript to Keynes’s book (The Economic Consequences of the War).

Was sorry to miss this afternoon’s meeting on the stabilisation of prices. Is writing a book on the national debt. Asks whether American bankers oppose the repayment of the English debt to America, and for details of the German indemnity.

Apologises for missing a meeting of the Royal Economic Society. Comments on Keynes’s evidence (about the capital levy) before the Colwyn Committee (on the National Debt). Asks for his opinion of an annual tax on capital.