2 SEPTEMBER 1922, Page 1

In other words, the Secession States are determined to stop

trade flowing in its only natural and possible courses lest someone else should profit by it as well as themselves.

Thus, somewhat ironically, on the same day that the Times was regarding " the little Entente as the chief factor of stability in Central Europe," its correspondent in Rome sent a message that the Jugo-Slays were concentrating troops on the Austrian border and that Italy was determined not to tolerate this. The truth is that our sympathy with the Austrian hare must remain a supreme hypocrisy so long as we do not face the fact that the Secession States' hounds are quite determined that there shall be no trade recovery for Austria—in fine, till we realize that Austria as a separate State among hostile neighbours is an economic impossibility.