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1923,
BRITAIN AND REPARATIONS and sympathy as one foreign Power has, F.&O.BANKING CORPORATION
THE END OF "A `PHASE
THE ENTENTE AND ITS FINAL TEST.
Following is one of the articles in the Observer which has recently attracted wide publio interest :--
perhaps. never been ready to show to another in a matter of high concern to itself.
The attitude of polite deference cannot continue. It is not merely a matter of the humiliation to which this policy has subjected us. We brush aside the senti. The German Memorandum shows that mental argument. We leave aside even Germany has learnt from earlier mis consideration of the part which we play- takes. It is brief, concrete, and straight-¦ed in making it possible for France and forward. It is studiously, free of dialec Belgium to speak of terms to Germany sical trimmings and controversial asides. at all. It is for hard and practical ren- In this it is a wiser and more business-sons affecting its rebnomic existence that į like. document than ang which Germany the British Empire cau no longer" subrait, has hitherto put forward. It conveys the to be ignored where its own interests are impression that Dr. Cuno's Government heavily at stake. If we do not desire con. has madu an honest attempt to state its tinuing indignities for ourselves, neither maximum. We do not way that, in its do we desire the humiliation of France present terus the offer will do. Subject as a result of the fiasco in which M. Poin- to a settlement which admits "of her care's policy has involved her. It was economic recovery, German capacity must easy to go into the Ruhr, but, as M. Poin be put at a higher figure than the Ger- care was warned at the first even in his man Government is yet prepared to ad- own country, harder to come out of it mit. The indemnity required may still The ending of the Ruhr deadlock upon be less than the indemnity which Britain tras satisfactory to French" prestige is has paid or has undertaken to pay. At a Question to be brought into common the same time, Germany accepts in ad- discussion first among the Allies, unless vance aay increase in the estimate of her that term is to be no longer accurate or capacity which may be Internationally applicable, and then between the Allies and impartially decided upon.
LIMITED. (INCORPORATED IN ENGLAND, 1920
with which is affiliated THE ALLAHABAD BANK, LTD., INDIA.
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and Germany. The thing of first import. THE JNDUSTRIAL AND COMMERCI should be thrown down. ance is that all barriers to discussion
TEL.
The Memorandum is not in itself a sol tion even of the economic problem with which it is solely concerned. But, if it! doos wat command acceptance, it em-¡ The Entente has been subjected to a phatically requires discussion. The ear-series of dranging tests. The present is lier German Note failed to provide nego the most serious of all. It was a miracle tiation with a starting-point. With the of the times that no brench followed when present Memorandum has come the oppor. 3. Poincaré took the bit between his teeth tunity, which might with better judgment at the New Year and an extraordinary at Berlin have come earlier, of substitut testimony to the amount of popular good ing the orderly procedure of conference will to France which has survived many for the ixtrren and ruinous method which discouragiaeats. But the positions then France has applied in the Ruhr to the anal now are radically different. Then detriment of reparations and the endan the British Government did not oppose, germent of her future prace
if it did not consent, to, the experiment on which M. Poincard was set. Now the experiment has been tried, and despite the There could be no clear sign of the adaptation of its stated aims to succes- moral confusion which M. Poincaré spread sive stages of failure, has not produced when he committed his country to the one of the promised results. The events Ruhr invasion, than the idea that to of nearly six months have deprived the negotiate with Germany is to surrender British policy of benevolent abstention of to Germany. Whether it concerns the whatever defence could then be made for purely economic question or the extrica it. The experiment has provoked chaos tion of France from the Ruhr, no unila, and conflet. We are not nearer but für- teral declaration that Germany can conther from pence. The French have not eivably make will provide a solusion extracted reparations. They have re- complete in itself. Without negutiation dueed them. there cannot be a settlement.
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We have stated the facts frankly, us negotiation there cannot even bo, if we
Six must borrow from an irrelevant termin-they deserve, and without. hrat.. ology, victory." Whatever else may be months ago our Government could make disputed, in the German Memoranduin, its the substantined relations with HONGKONG CIGAR STORE, LTD. NEW YORK: The Irving Bank-Columbia one uding paragraphs are unanswerable served outwardly good relations
For the solution of all these questions France Friendly relations with France oral discussion is essential.""
area principal aim of British policy. But so is pezee. If M. Poincaré is going The tone of the Paris Press suggests to prove to us that these two conflict, that M. Poincaré's own desire would some, better way of treating car dilemma have been to reject the German proposal than passively gazing at it will have to out of hand. The insistence of Belgium.br fennd. But, first, we must ask fron anxious and very naturally anxious over. Poincaré recognition of the fact, about the divergenes which is leading her fur which he was himself eloquent in his ua- ther into a dangerous departure from her official days, that an Entente implies an natural connections, has apparently in
equal right in either partner to express duced M. Poincaré to agree to the conits views and to influence the common sultation of Britain and Italy before an policy. The vital interests of the Empire answer is sent. This much is to the good in an unravelling of the European mud But it must not be consultation in formidle, cannot henceforth be subjiet to an
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only. If M. Poincaré intends to pre external veto. We do not believe that 67, QUEEN'S ROAD CENTRAL.
tion.
scribe limits and conditions under which Mr. Baldwin's Government w be either conversation is alone permissible, he will able or willing to acerpt what would now oaly he repeating with a difference the amount to downright dictation. tacties which provoked a protest from the British Government at the time of the ties of the Genos and Paris conferences, If Al. Poincaré were to repeat the tac last German Note Such conditions would he would leave the British Government no make co-operaion finally impossible. hope of reaching peace by the better way Paris objects that the German offer of a new understanding with France. If makes no mention of the Ruhr. There he forbids in advance antrummelled dis- was no reason why a communication ad. cussion of a German offer which Britain, dressed to the Allies jointly should go Italy, ad, probably, Belgium, are pre beyond the limits of the economic, ques-pared to discuss, and presents another Because the French and Belgians ultimatum to Germany, which will now of their own initiative have occupied the be" virtually an ultimatum to ourselves, Ruhr the reparations question has not the British Governinent, as no doubt the censed to be a question of equal and Italian. Government, will be both forced urgent interest to all the Allies. At the and free to regain, as far as it can en same time, a conference held to consider trek of its European interests. The in- the Gerryn offer and to negotinte a settle terests of first-class Power cannot be ment is bound to consider and, if it suc-served by a fourth-class policy. Firmly coeds, to solve the problem of the Rabrand courteously, but vigorously, we prost and the Rhine, and of the guarantees insist upon as much respect being shown necessary for reparations and for French to our claims as we are prepared to ex security. In the matter of reparations tend to others. The better way to sure the views of France must play a larga our legitimate interests is by agreement. part, in the matter of her security If that way is closed to then we must preponderant part. If M. Poincaré, how- take the best we can..". ever, declines to enter discussion except upon a rigid formula of his own, he is making the most open clain he has yet! made to dispose of rights and interests which only exist as Allied rights and interests, in his own way..
.II.
"
WAS NERO INSURED?
THE FIRST FIRE POLICY:
Speculations as to the antiquity of th
For six months Britain has stood aside.surance opened up an unexpected vein of We have left Europe to stew-since the humour at the annual dinner of the Cor phrase must be varied in our own julec, poration of Insurance Brokers held at France has paid heavily, both now and the Savoy Hotel under the presidency of prospectively, for her single-handed ex Sir A. Ernest Bain: periment, Belgium has paid, and Ger
Mr. William Cash, president of the many has paid. We have paid as much
Institute of Chartered Accountants, pro 24, or more than, any. The military dis- location of a great centre of European posing the toast of the corporation, said industry has meant a complete halt to be supposed insurance originated in some. our recovery. It has done, on balance, such system of guarantee as was referred widespread injury to British trade, and to by Shakespeare in "The Merchant of has blotted out for the time the prospectsurance was the most ancient of all In Venice" (Laughter.) Probably ship in of a genuine revival. Our interest in the reaching of a settlement is vital and in the first shipping disaster only que ves the manner in which it by reached, not el survived at the time of the Flood less so. British opinion is prepared to and he supposed both insured and insur consider any terms, any thesis of a settle all disappeared. (Laughter.) If int ment. It will not bar discussion or turn those days there were any of those curi- down proposals in adine. But the people called. average adjusters, no British Government has a duty, as ab- settlement was ever arrived at (Laugh. vious as its right, to demand that discus-tr.) Ag to are the first big confugra sion shall take place and that it shall be tion was at the time of Soilom and Gamor. conducted upon free and equal terras.
rab, concerning which Lot", was known to have enforced a claim for loss, On the calment and inest practical But Nero was probably well insured study, the European interests of the when he set fire to Rome, (Laughter.) British Empire require this. Our econ Mr. J. Armour Macmillan, chairman omic future depends on it. Our whole of the council, replied.
лечет
policy in Europe, and in particular the Sir Alfred E. Lewis, proposing "British hope of a ravived and strengthened En-
tente, depend on it. At Genoe, in the Insurance Institutions, emphasised the conference with Mr. Bonar Law, and portance of establishing sono syrtem again the other Jay, M. Poincaré has of insurance to guarantee debts three times refused a hearing to the Mr. A. L. Sturge, chairman of Lloyd's, claims of the Empire. We do not know in response, observed that “ British insur- from what other country the treatment anes institutions was a phrase which would have been tolerated. The British should, dethrone "British Constitution Government, almost submisssive in its con as a test of sobriety-especially at a public THE RED BUILDING (éFFOSITE ICE HOUSE ST. ciliatory purpose, showed such patienes dinner. (Laughter.)
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Writing from Singapore, under date March 31st, 1922, Bir Godfrey Thomas, Private Secretary to HR.H. THE PRINCE OF WALES, SAYS:
B-I beg to acknowledge the receipt of your letter of the 2ärd instant and am desired by the Prince of Wales to thank you for the copy of the 60th annual edition of "THE DIRECTORY & CHRONICLE FOR OHINA, JAPAN, THE STRAITS SETTLEMENIS, ETC., FIC," which His Royal Highness has been pleased to accept, and which will be extremely useful during the remainder of the tour.
The Managing Director, HONGYONG DAILY FRESE, LTD.,
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