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" The influence of M. Caillaux, who is convincing his

countrymen that France cannot permanently prosper Unless -she pays her debts and placates her 'enemies, has-of Comte been great, but another strong influence is the war in Moroeco. BisMarck used to make a practice of diverting the attention of the -German people from an inconvenient question by deliberately creating a still more preoccupying one. He understood that no nation can tackle. two problems of first rate importance at the sat* time; events for the same reason have compelled a change of mood in France in regard to Germany. We have written about the whole subject in a leading article, but here we must mention Mr. Austen Chamberlain's excellent speech to a gathering of journalists at Locarno.

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