Memorandum from WSC to Sir Otto Niemeyer [Controller of Finance, Treasury] on the economic position of Germany and Great Britain and the negative impact of the rigid policy of the Bank of England, high taxation, poor trade and high unemployment. WSC argues that the policy is unsatisfactory on social, industrial and political grounds; that Germany is in a healthier economic state and that the allies may need to reduce the reparations burden on Germany and that misleading conclusions will be drawn from this.Typescript signed with initials.