1 DECEMBER 1923, Page 2

This statement, of course, means anything or nothing ; the

idea that a measure of internationalization can be introduced which will in no way detract from the Sultan's sovereignty, clearly, is fallacious. But on the whole it would seem that France has had her way, although she has flung a sprat of concession to Britain in Tangier in order to try to catch the mackerel of British passivity in the Ruhr. Spain is to be " compensated " with a slice off the Tangier zone to be included in her Moroccan territory. Italy, which has been excluded from the Conference altogether, receives nothing. Meanwhile, Spain and Italy are drawing together, and the French Press is already expressing uneasiness for her trans- Mediterranean communications by which she can bring black troops over to Europe. In short, a thoroughly " diplomatic " settlement in the grand old style seems to have been reached.