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Meanwhile, it becomes clear that the estrangement from France which

has been caused in America by the French attitude at the Washington Conference is much deeper than the French understand. The general feeling of Americans, statesmen and people alike, seems to be something of this sort :—" You invite us to a conference at Genoa to discuss the economic constitution of the world. That is all very well and, of course, the principle is right in itself. It is the very principle upon which we worked ourselves when we called the Washington Conference. But what, you do not seem to recognize is that the Washington Conference was the first step in a great policy in which the Genoa Conference, if it were properly managed, would be the second step."

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