is winter regalla—well feu and the Soviet's contempt, already quite plain enough, for the Labour Government. It is deed hard to understand the surrender, but it is likely to prove an expensive one. Thee a belief in some quarters that Russia has much to give us in the way of trade, Undoubtedly but whether it will be able on terms which manufacturers can accept is another matter. In the first place, the Soviet know exactly what we are after, and it will not increase their respect for us. In the second, all busi ness on large lines is rigidly controlled by the Soviet itself; the Russian people cannot be wot at independently; and they could be, it is doubtful how much they could do, since the whole tendency in recent years has been to reverse Lenin's "new economic policy" and to crush the individuals who had taken advantage of it to lift up their heads and develop a. little pri-vote business.
Above all other consideration, confounding every argument that may be urged for forgetting the past and renewing the old timacy with Russia, is the tu escapable fact that the Soviet is Russia, that it does no> forget, it does not change and it cannot be trusted. So far from discarding its system as the failure it has been proved to he, it clings to it more fanatical than ever; and almost di might find proof in the speeches of its leading men and the inspired articles of its careful controlled press, that all its dealings with foreign Powers are founded on the hope of arid revolution of which still dreams. To that end it will give any pledge, swear any oath and only laugh at those who are fools enough to accept its word.
Text read from the printed page and cleaned; old type leaves the occasional error.