15 SEPTEMBER 1923, Page 2

At present there is superficial rejoicing in France. "At last,"

it is said, "the success of French policy is proved. Germany is surrendering." If Frenchmen can rejoice at this, it is not for us to try to dilute their pleasure, except so far as to point out that the real and only ques- tion at stake is what Germany can pay. Every day that the disturbance of international life continues as a result of the action of France, the German capacity to pay becomes less. Meanwhile, as Sir Robert Home has shown, Englishmen are paying an unnecessary shilling in Income Tax.