Tt seems to be definitely agreed that Mr, "Stanley Baldwin early in June wilt become Prime Minister in place of Mr. Ramsay MacDonald and that a. reconstruction of the British Cabinet will accordingly take place. [The Government will go to the coun try in the Autumn. Perhaps the King's Birthday Honours Ust_ may provide a suitable turning point for the changes proposed. For it has been frequently suggested that the present Prime Minister's elevation to. the Peerage is a likely item in that list and that other transfers to the House fof Lords may also be expected. So many different speculations have been ]vouchsafed regarding the contemplat. Jed reshuting of Cabinet posts that were better to wait until the event confirms any or some of them, "Mean while the "revolt" of ight-wing" Jmembers of the Conservative party not unexpected. The wonder is that the Duchess of Atholl, for example, should have been disposed 20 ong to delay that step. Her Grace }has'been so persistent an assailant of Mr, Baldwin in the last two years that the receipt of the party whip must have been a source of constant embarrassment to her. Her seat [securely Conservative and the same [description applies to Berwick-on Tweed for which Colonel A.
Todd, another "Adullamite" sits, The other three "rebels", however, are by ho means sure of re-election for all their seats, at one time or another, thave had Labour representation, receive endorsement. They plainly can more conveniently come under review in a resumed Disarmament [Conference, constituted without the incubus of the Versailles Treaty of tation. At the moment and on a completely equal basis
it is not possible to gauge the effect of the speech" on Europe as a whole, but it does seem that Herr Hitler has gone far to meet the demands of reasonable criticism. He has solemnly affirmed Germany's fidelity to engagements involving no inequality of treatment. His declaration of Germany's readiness to abide by the territorial stipulations of the Treaty of Versailles should clear the way for a less reserved approach to the task. of readjusting controversial issues. He has shown considerable courage in modifying some of his own previously expressed opinions. Even now he has no light task in reorganizing the fabric of a sorely-stricken people. His dependence fon the stimulus of re-awakened nationalism, with all its asperities, is necessarily great. Yet he has not been afraid to risk abating that ardour in the interests of international comity. He will not regret that abnegation, if the world out-[side is prepared to recognize the sincerity of his appeal and it the Germany behind him is true to the honoured traditions which have, in {the past, contributed to her emin-Jence in the ranks of civilization..
Mr. Henry Morgenthau, has made two gestures within a week. On May 13 he threw out a tentative hint of hhis readiness to discuss the international stabilization of exchanges. The hint was broad but, in the frame of mind otherwise disclosed inthe speech which conveyed it, too tentative to meet with more than a cautious bow of recognition. Now he has shown another sign' of grace in me Gicating, for the frst time, a definite desire to consider the difficulties of silver-using countries in the present maelstrom of his silver operations, He has imposed a sort of embargo on the importation of certain forms of silver. The admission of responsibility more important than the actual step taken to discharge that responsibility. In other words Mr. Morgenthau's device for outwitting the speculator Jabroad is a brutus ful men. Tt had the temporary. effect yesterday of bringing the Chinese dollar down, but it may be doubted whether, when emptiness of the disciplinary incast announced by the Secretary to US, Treasury is fully realized, there will be more than a mild grin on the Speculator's engaging countenance. Yet, a sign of grace 1s a sign of grace. Mr." 'Morgenthau perhaps, has not shown all his hand, The' other day Washington naively permitted it to be Known that silver had become. involved in a "vicious eizele in which world speculators and Congressional silverites figure". 1€ Mr. Morgenthau's colleagues thus are beginning to dis-over truisms which have been all too painfully apparent to less exalted Observers from China to Peru. for several weeks, there is no knowing to. what extent the thirst for enlightenment may proceed. So if, perchance, it should be revealed that the sort of embargo now contemplated is still powerless to break that "'vicious circle", Mr, Morgenthau might be in~ need to attempt even more
Text read from the printed page and cleaned; old type leaves the occasional error.