The dispute between Germany and France as to Morocco has,
we trust, at last ended, an Agreement between the two Powers as to the Conference having been signed on Thursday. The basis of the Agreement is a reference of all the questions at issue to the Conference which is to be held at Algeciras, with the proviso that France shall police the districts close to her Algerian frontier, and shall have at least equal rights of financing the Shereefian Empire. France, in fact, subject to any rules which the Conference may lay down, is restored to her preferential position in Morocco. The settlement also includes a modification of the terms of the loan arranged by Count Tattenbach, and the concessions as regards the Mole at Tangier are dealt with. Some of the details are still undetermined ; but it seems clear that the German diplomatists have receded before the quiet firmness of M. Bouvier, which has been aided, it may be, as is rumoured in Germany, by representations from Russia, which Power the German Foreign Office now wishes to conciliate. In any case, it is certain that the Peace made with Japan has modified the original desire of the German Emperor to read France a lesson, a desire for which the Moroccan dispute was merely a pretext, Germany having no serious interests in Morocco. William IL deserves credit for his refusal to push matters to
an extremity, but his ultimate object still remains obscure. and the anxiety caused by the incident will not speedily dis- appear. The failures of German colonial policy in Africa exasperate the Emperor, who naturally wishes for some success somewhere which may cause the unfavourable impression they create in. Germany to be forgotten.