19 MARCH 1921, Page 2

The trade agreement with Russia has been signed after negotiations

lasting more than two years. The text of the agreement shows that there is no essential change from the drafts which had already been published. Those who dislike any dealings with the Russian criminals will of course denounce the agreement ; those, among whom we count ourselves, who believe that the most important thing of all is to get trade going everywhere will welcome it. The agreement does not sanction the repudiation of debt by the Bolsheviks, though of course it may be said that it does nothing to secure payment. As for that blessed word " recognition," the agents of Soviet Russia will be received here with many of the advantages which attach to ordinary diplomatic representatives. But explicit recognition is still withheld.