The writer of this book was temporarily attached to the British Treasury during the war and was their official representative at the Paris peace conference; he also sat as deputy for the Chancellor of the Exchequer on the Supreme Economic Council up to 7 June 1919. He resigned from these positions when it became finally evident that hope could no longer be entertained of substantial modification in the draft terms of peace. The grounds of his objection to the treaty, or rather to the whole policy of the conference towards the economic problems of Europe, will appear in the following chapters. They are entirely of a public character and are based on facts known to the whole world. He believes, therefore, and greatly hopes that he has not abused in these pages the confidence which was placed in him by his former official superiors at the Treasury, to whom he still feels himself attached by gratitude and regard.

Since chapter 3 was written, which is chiefly concerned with the character of President Wilson, the situation has greatly changed. The President has passed through sufferings of mind and body, and through vicissitudes of fortune, which demand the sympathy not least of those in the service of whose ideas he has fallen. In recording the reasons of the President's failure, it is, therefore, more necessary now to recollect that he at least made the attempt for just and unselfish action in international affairs.