23 DECEMBER 1922, Page 3

Mr. Bonar Law went on to say that he was

convinced that if we made payments without receiving anything from outside sources the standard of living here would be reduced for a generation. As it was, if there was not a distinct improvement in trade within a measurable time we should be in almost a worse condition than that of the Allied countries. Summing up, he declared that there was no hope of a solution of the European problem unless France and Great Britain acted together. We have always felt that French policy is really based on fear of Germany. If we promised France military assistance against German aggression there would pro- bably be a new sense of security in France. That would result in a much easier understanding about Reparations.