The Cost of War is the first comprehensive account of British policy on French war debts in the period following the First World War. The question of war debts was an important and highly emotive issue in Anglo-French relations during the 1920s, stirring up intense Francophobe feelings on the British side and hampering efforts at co-operation between the two countries. All aspects of Anglo-French financial relations are taken into account, and the political implications, and how these impinged on international relations in general, are addressed.