18 FEBRUARY 1922, Page 2

The Prime Minister intervened in the debate to repudiate Sir

G. Collins's contention that we had much unemployment here because we were exacting reparation from Germany. Were the Independent liberals prepared to renounce the indemnity ? If so, they must disavow Lord Grey, who complained that we were pressing France too hard—that is, by asking her not to exact the last farthing from Germany. It was net true that Germany had, cut us out of the neutral markets. Her trade was still only a fourth of what it had been before the War, while ours was_ more than half as large as in normal times. Our customers were too poor to buy from us. The Labour amend- ment was rejected by 270 votes to 78.