1 SEPTEMBER 1923, Page 2

Speaking last Sunday at Chassey M. Poineare dwelt upon what

would have happened if Germany had been victorious, and he emphasized the moderation shown by the Allies in demanding only reparations for the damage clone, instead of including all their War expenses. In this matter we do not need to be convinced. We think it certain that if Germany had won the War she would have been the most abominable and exacting of tyrants. She would have demanded impossible sums and, perhaps, thrown shells from Big Berthas across the Channel as occasional reminders. But that does not seem to us to be a justification of M. Poincare's policy of withholding peace from Europe. The speech may almost be summed up in his phrase, If the Germans do not decide to pay us they will force us to execute the threats they addressed to us in 1871= Pay us or we stay.'"