• The latest news from Algeciras is more hopeful. On
Thursday the Times correspondent reported, apparently with some foundation, that the Conference would discuss the bank and the police questions together, and that there was a strong probability that the German delegates would acquiesce in the main proposals of France for the organisation of the police. This view seems to acquire strength from the changed tone of the German Press, particularly the semi-official North German Gazette, and also from the buoyancy of the stock markets of Europe, where the report is evidently believed. Berlin financiers would, not be large buyers unless they had some cause to think a settlement probable. If Germany's attitude has really changed, it is not likely that the cause is any change of policy which, for example, would involve the resignation of Prince Billow. The delegates have merely bluffed in order to try to secure some compensation for their complaisance. The only danger lies probably in the change of Cabinets in France. Although Moroccan policy may remain unaltered under M. Rouvier's successor, there is
always the risk that other Powers will see in the change a sign of uncertainty which may be presumed upon.