21 AUGUST 1926, Page 2

After a few hitches the agreement will presumably regulate quantities

and prices of German coal on which the French can depend, of iron and steel on which Germany can depend, and a cartel scheme for regulating sales outside France and Germany. We have strong prejudices against these enormous rings that crush free competition. For that reason we are glad to hear that British iron-masters and steel-manufacturers, though invited to join in the arrangements, have refused. We admire their independent courage and so soon as they are allowed by the coal industry to get to work again, then, "Come the three corners of the world ! " Ate shall hope to see them beat any combination in their business.