22 SEPTEMBER 1923, Page 1

This reverses the traditional process of saying and unsaying by

unsaying and saying. The results have been curious though natural. On Thursday morning some papers said that there was a complete deadlock, while others said that a complete agreement was in sight. Englishmen, anyhow, have a right to take their choice, as they are certainly paying their money. It would be absurd for us, on such unsatisfactory material, to express an opinion about any of the particular subjects which the two Prime Ministers may have discussed. We will, however,. say t'his : that we do not believe for a moment that Mr. Baldwin has in any way changed his mind or is likely to "de so. He no more believes now in the policy of killing the debtor as a method of extracting payment from hiin than he did when the famous Note of August 11th was written. The real test of French policy is not whether Germany yields to French force in the Ruhr, but whether payMent ean be got out of Germany." •