Friday, the 17th, when the German Chancellor himself and the
Foreign Minister arrived in Paris, was taken up by more conversations and any doubts about the holding of the London Conference came to an end, as distrust was slowly dissipated by these meetings face to face and as the precious hours passed bringing the feared collapse nearer and nearer. Mr. Henderson and Mr. Stimson were very active and we arc certain that they, exerted the most valuable influence possible. Suggestions ranged round a credit to Germany of £100 millions to be converted later into a loan redeemable in ten years and secured on the Customs Revenue. The French were said to be demanding as a condition some control by the creditors of the German Customs and some undertaking that the political position:should remain unchanged during the ten years. We write on this matter in a leading article. There are some things that only madness could drive the French or the Conference to demand of Germany. Obviously, if they ask the impossible, if they demand that the German Government should give guarantees or make sacrifices which the German people will refuse, the Government will resign or be thrust out of office. And if this government should fall or should be driven to resign by pressure from outside or inside Germany, Heaven knows what irreparable harm might be done before another Government could carry on any orderly rule. The Conference has the essential duty of supporting the present Government in its efforts to govern Germany at home : it is a duty to Europe and the world.
