1 AUGUST 1925, Page 2

France and Spain have at last reached an agreement by

which the ;French will be allowed to cross the frontier of the Spanish zone in carrying on the war against the Riffs: Meanwhile, though the hopes of peace are not 'bright they, are not absent. Abd-el-Krim has stated tO the Tangier correspondent of the Times that if he were guaranteed independence he would be willing to attend; a Peace Conference at Tangier. Unfortunately, he has not sent any formal reply to the Franco-Spanish. letter' offering to propose terms. It is said that one of the real' obstacles is the vested interests of those who have received. mining and other concessions. France, however, stands to lose much more by a long and expensive war than by providing even a handsome sum for concessionaires.