R is -not only as regards Germany that Mr. Snowden
has'been differing from the Prime Minister. " A. P. N." tells us that during the Conference with the Soviet Delega- tion,'Mr. Snowden, with the Treasury at his back, strongly opposed the Russian Loan. The amount of the proposed loan is 'believed to be 130,000,000. It is suggested that 'Mr. Snowden looks forward to introducing another Free Trade Budget next year-which he would regard as tabour's -chief asset for the next General Election. The Budget -which helms in. mind, -however, is menaced by the Russian Loan, and -perhaps also by the Allied agreement with Germany. " A. P. N." thinks that as the next Budget ',approaches the glamour of the Government's foreign policy will have become dim, and that a generous and popular Budget will be essential in the Government's interests. But will such a thing be 'possible, he asks, if there is a heavy drain from foreign-loans, one of which at least—the Russian—is already disliked by the country? He predicts that these dawning troubles may soon create a controversial .issue in the Labour ranks, theissue being between an early or a delayed General Election.
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