18 JULY 1931, Page 1

The Situation in Europe Excitement of the most anxious kind

has radiated from Berlin during the past week. The effort to save Germany from financial collapse is not yet won or lost. The world-wide forces united to save her, and so to save Europe which would not escape froth a common ruin with her, are immensely strong and, giVen time, would certainly prevail. But are they in time ? We earnestly trust that the delays at the end of June due to the long- drawn conversations in Paris over Mr. Hoover's proposal may not prove to have been fatal. But the withdrawals of money from Germany, were going on all the time. Such a movement wires acquirit eundo, and could not he stopped. On ThursdaY, July 9th, the President of the Reichsbank paid a flying visit to London and left on the same afternoon for Brussels and Paris. It is said that his immediate object was to arrange a long-term credit of £25 millions. During his visit to Ministers and Bankers in Paris on Friday, the 10th, it was rumoured that the French put forward suggestions for political bargaining, against Which we strongly protest in a leading article.