The speech of M. Poincare at Nantes on Sunday was
a very able vindication of French policy in regard to the Balkan War. He pointed out that in declining to facilitate a loan to Bulgaria six months ago they had at least deferred hostilities, while in approving Count Berchtold's proposals they had shown their readiness to urge on the Porte the need of reforms in Macedonia. Since then they had striven to pro- mote common action on the part of the Powers to quench the threatened war, or at least to localize it, and they had had the satisfaction of finding that the pacific initiative taken by France in entire harmony with her friends and allies was understood and approved by all the Chancelleries. "Its first result was the exchange of views that is being daily prosecuted among the Powers, which enables them to exercise a collective supervision over the march of events, and which when the moment arrives will, I trust, facilitate mediation. Perhaps," he went on, " that moment may be even near."
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