The conclusion of a Commercial Treaty with Germany on Thursday,
the 4th, was an event of considerable importance. It is another sign among many that the world is at last emerging from the five chaotic years after the War into a period of some sort of stability. The framers of the Versailles Treaty, as if recognizing that five years were the period during which the war-psychology expressed in their Treaty would endure, laidit down that many. of their provisions would lapse automatically at the end of that period. Thus it was necessary that some new instrument should be created for Anglo- German intercourse. Fortunately it seems that this opportunity has been used wisely and well. The new Treaty is a good example of the usual commercial treaty based on " the most favoured nation " principle. Thus, both Governments retain their sovereign right to dis- criminate between. foreign goods and services and their own goods and services, but they agree not to dis- criminate further between the goods and services of different foreign nations.
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