17 NOVEMBER 1923, Page 2

The obstructive ways of M. Poincare have for the moment

defeated the intention of America to come to the aid of Europe. Thus the operation of a friendship which was sorely needed has been unhappily postponed, and incidentally France, who needs all the friendship she can amass for her security, has thrown down one of her possible bulwarks with her own hands. Let us hope that it will soon be rebuilt. When we write, however, French stock stands lower in the American political market than for a long time past. President Coolidge has not minced his words in describing his feelings. He said that an inquiry into Germany's capacity to pay, which should be limited in accordance with the French proposal, would be "useless and futile,"