27 JANUARY 1923, Page 12

[To the Editor of the SPECTATOR.] SIR,—Surely we owe gratitude

to France for taking a step which seems likely to bring to an end an impossible situation. We have been attempting to extract payment from a country whose currency has no relation to gold or any other basis, which refuses to surrender any foreign securities that she may have, and which has no excess of exports. If Germany had meant to pay her debts, there would have been less inflation, no " flight from the mark," internal loans and a surrender of foreign securities. What real hope has there been of any such reformation ? We have been bolstering up a bad business, and the sooner the attempt is given up the better.— I am, Sir, &c., 58 South Terrace, Littlehamplon. A. A. LEA.