16 SEPTEMBER 1922, Page 2

There has been a check to the favourable course of

the negotia- tions over reparations. We recorded last week the generous and wise action of Belgium in consenting to accept the cash balance due to her from Germany for the rest of this year in six-months' bonds. Much depended, as we pointed out, on the guarantees which Germany could provide for the redemption of these bonds. 'Unfortunately, the Belgian delegates in Berlin were dissatisfied with the guarantees offered, and last Sunday they returned home. Belgium has since demanded a deposit abroad of £5,000,000 in gold marks. The Germans profess to _regard this as a complete change of front. But there is no sign of high temper on either side, and the general feeling seems to be that an arrangement will be reached. It certainly will be reached if the will to reach it exists, and we believe that it does.