7 JUNE 1924, Page 2

Such vague reports as there are about the progress of

the Anglo-Russian negotiations are very discouraging. The truth seems to be that the two sides are arguing in different terms. The Russians will not have any per- manent dealings with capitalism ; they are willing to make temporary arrangements, for it is certain that they are anxious to raise money on almost any conditions, but they are not willing to give a permanent guarantee of security to those who lend money to Russia or invest capital as traders in Russia. In these circumstances what is to be expected ? Nothing, we fear.. If the Russian delegates admit the justice of the claim made by British bond-holders of the old Debt—as we are ready to believe they do—they cannot count upon support from Moscow.

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