The scrip of the first part of the unconditional annui-
ties, M. Tardieu went on to say, would, of course, have to be sent to the Bank, and the Bank would then have to watch the market for a good opportunity to mobilize the annuities. Ratification of the Hague Agreement, he added, had been delayed by the death of Herr Stresemann and also by the fall of M. Briand's Govern- ment. Altogether " the situation had changed." There was no question of going back upon the period of eight months, but the date from which the eight months would be reckoned must be postponed. We are bound to say that this explanation, though it was highly successful in bringing in the deputies of the Right, causes us some anxiety. Perhaps the best earnest that the peaceful language in which M. Tardieu dressed his policy may be believed is the willingness of M. Briand, whose pacific intentions are undoubted, to remain Minister for Foreign Affairs.
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