3 MARCH 1923, Page 1

This, then, is a French conception of the form that

changes in Europe are to take—a re-grouping of the Powers under the old system. But there is another sign of change in Europe. Everywhere but in the Ruhr valley things are getting a little better. Notably in Central Europe, where the acrid nationalism of all those callow new States is at last toning down sufficiently to admit at least a trickle of trade across their frontiers. Austria is reviving. She has made an agreement with Jugo-Slavia. A new spiiit at once of hope and co- operation is abroad.. Much, it is felt, can be done.. Eyes are turning westward. A general settlement effected by an impartial outsider is believed possible. In a word, Europe is moving. The question is Whither ? Back down the old path of the Balance of Power with its goal of war or forward along the new, untried, but hopeful road of international co-operation ?