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First and foremost among- these difficulties we must mention the

determination of France to keep troops in the Ruhr for another year if she shOuld so- please. As we have frequently said, the acceptance of the Dawes scheme obviously implies immediate withdrawal. Why, then, do _the French not withdraw at once ? Apart from the contingent reasons that M. Herriot dare not give too bold a lead to: the querulous and hesitating wing of hi's supporters, and that the French mind cannot release itself from the conviction that material pressure is desirable while negotiations for commercial arrangements between France and Germany are still gointon, the decisive reason is probably a much bolder one. We have stated it in our leading article on_the Conference.

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