There is little to report from Algeciras. The Committee appointed
to deal with the revenue question has been at work all the week, the chief reform being an addition of 25 per cent. to the existing Custom-duties, the proceeds of the increase to be paid into a Caisse administered by European delegates, and 'used for the improvement of Moroccan ports. The coasting 'trade will also be flung open to all nationalities on the same Iterms as to natives, and the farming of any monopolies which may be created will be put up for international competition. The Conference is on the eve of the two crucial questions— that of the State bank and the police—and in a few days we shall know what are the chances of a successful issue. As 7 to the first, France, having supplied 22,800,000 out of the 23,000,060 lent to Morocco by foreign financiers, claims a pre- dominant influence in the bank's administration; and on the second, as the only Power who has at hand the necessary 'material, she asks for a European mandate to reorganise tho police. Germany's attitude has been strictly non-committal, and her Press claims that she has succeeded in isolating France. The Times correspondent, on the other hand, reports a growing irritation among the delegates at Germany's sphinx-like behaviour. It would appear, however, that private negotiations are going on between the French and German representatives, and the French Press seems more hopeful of a settlement. A few 'days will put these specu-
lations to the proof.
