Germany's Extremity Germany is once more facing financial collapse, and
it is a question whether the Government or the financial fabric can hold together till the Advisory Committee appointed by the Bank of International Settlements to examine Germany's general financial situation meets on December 7th. The • membership of the Committee, which includes Sir Walter Layton for Great Britain, M. Charles Rist for France and Dr. Melchior for 'Germany itself, is guarantee that no narrow or pedantic views of the problem will prevail. But meanwhile the inter- national economic situation becomes more desperate every week. Germany obviously cannot resume Repara- tion payments in July. Equally obviously she must have the short-term credits repayable in February renewed. She may even need a loan to keep her going. But financial problems can no longer be solved independently of economic problems. The limitation of imports everywhere is bringing trade to a standstill and soon no State will be able to meet its liabilities. For the Advisory Committee to tell the Governments that the financial problem cannot be solved *till the tariff problem has been faced on an international scale might be to exceed its terms of reference, birt not to tell them that would be 4 deliberate neglect of a plain duty.
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