News of the Week The Situation in Europe T HE Conference
seems fated to end sooner than we hoped, perhaps before these words are read ; with immediate danger staved off by credits for Germany, but with no real provision made for the future. Since we chronicled events in Europe last week, the fever of excitement has not abated, but we have discerned a steadiness in the leadership of the British, French, German and American ministers concerned which has not been overwhelmed by the haste with which they have necessarily been bound to act. Indeed, our complaint would be that the French were still too deliberate, as they were on the first receipt of President Hoover's proposals for the Moratorium. They were longer than the other Powers in deciding to accept the urgent invitation to the Conference of Ministers in London, but they accepted formally on Sunday, after long conversations with the German representatives in Paris. These seem to have been conducted with good will on both sides. During those days Berlin might well have been expected to be the source of trouble, but on Thursday, July 16th, the banks reopened after being closed for two days. Money was obtain. able for , urgent and necessary purposes, but was only transferable under very narrow and inconvenient restric. tions imposed by decree. The " flight of the mark " became less violent and began to subside under compulsory regulations at home and foreign desires to help.
