1 SEPTEMBER 1923, Page 2

There are rumours that M. Poincare is very anxious to

meet Mr. Baldwin and to discuss with him the whole problem of the Ruhr and reparations. If Mr. Baldwin thinks that some good might come out of such a meeting, we can only devoutly hope that it may be arranged and that he may be justified by the results. But we must repeat what we have said before, not merely in the exercise of our own judgment but on Mr. Baldwin's owE authority, that the need for positive and immediate action is urgent. Indefinitely protracted discussions would serve the French policy very well, but they would be fatal to ours if they gave Germany time to collapse. Mr. Baldwin's position is really extraordinarily strong, and it grows stronger. Though he may be exceptionally modest, he must know this quite as well as we do.