17 JANUARY 1925, Page 2

The situation in the Balkans is causing considerable anxiety. As

usual it is of extreme complexity. Nationalist rivalries are shot across by the menace of a class struggle, and over all looms the shadow of Russia. For it must be remembered that both Jugo-Slavia and Bulgaria are full of Russian " White " emigres, including General Wrangell, who have largely kept up their cohesion and organization. M. Rakovsky had an interview recently with Mr. Chamberlain, in which he seems to have asked-if there were any truth in the report- that when Mr. Charn.:, berlain was in Rome he arrived at an understanding with Signor Mussolini for the -support of the present Govern- ments in Bulgaria and Jugo-Slavia, with a view to the creation of a " Little Holy Alliance " against Bolshevism: Such an Alliance might be designed as the base for a new White invasion of Russia.