This inopportune Cologne transaction has coincided with the attempts of
the German political parties to form a new Government. The result has been to strengthen the hands of those parties which make it their basic principle that it is useless to attempt to conic to any arrangement with the Allies, and that the only hope for Germany is a gradual recovery of Tower with the ultimate object of a war of revenge. When we go to press no new Government has been formed. As we suggested last week would probably happen, Herr Stresemann, as leader of the Right-Centre, was first offered the Chancellorship. lie was unable to form a Government, however, because of the attitude of the Centre Party, whose votes, necessary to him for a majority, could only be given if he would pledge himself and his Nationalist followers to a policy of fulfilment.
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