the Chancellor of the Exchequer for following the line of least resistance {in ooking to the further expansion home markets rather than at: tempting to "negotiate even armistice in this suicidal warfare' of tariffs and currencies. It is not enough to rebuke Mr. Morgenthau for refusal to repent. It is not enough declare that the time is not ripe for treating his exceedingly faint Resture as an encouragement to offer 4 complementary gesture from the other side. Collective' prosperity must be the only real basis of national og well as international recovery and a heavy responsibility Fests on those who ignore even the lightest opportunity" for breaking down the barriers to a saner. and freer handling of international mone-ary problems. It is easy to criticize Mr. Morgenthau. He has certainly overdone the picture of an America a state of assailed and injured inhocence. Thus inspiration has been Given for further and even more extravagant protestations of the wis: dom of Washington in contrast to the folly of other less favoured capitals That should be discounted as the etulance of political bewilderment. Criticism cannot indefinitely serve the purpose of practical statesman-
Text read from the printed page and cleaned; old type leaves the occasional error.