For the present the Ruhr occupation bars tle way to Reparations. There is another danger on which I wish to say a word. I refer to the menace of German disintegation. There are many disquieting signs that Germany is going to pieces. This is due partly to the inherent weakness of the Republican regime established after the war and to the absence of real leadership in Germany, partly to the mistaken finance and Reparation policies of her success sive Governments, and partly to the dreadful policy of France, which on the Rhine and the Rukir and elsewhere has applied a relentless pressure far beyond the feeble power of the ney Sao A very grave resp' a a onsibil!-on France before history. can, perhaps, afford to regard the prospect of Germany's dissolution with equanimity, though even from her angle that would be a short-sighted view. But this country and the small countries Perit senses be indifferent vhi 'd Germany on the to Germany's fate. To all of them the economic and political dissolution of Germany would be a first class, and irreparable disaster. For them, too, it would mean immediate economic chaos, and it would open up the pos-
Text read from the printed page and cleaned; old type leaves the occasional error.