26 JULY 1924

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Incidentally some of Mr. MacDonald's skill as a negotiator is

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begiiming to appear. He has so arranged it that it is not he who has been given the task of telling unpleasant truths to the French. He has, as it were ; stood aside and allowed...

Immediately the French Press was up in arms. " Finance

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has now fulfilled its ambition of regulating European policy," &c., &c. However, no amount of shouting and screaming can avail in the least. The Allies are at present trying to...

NEWS OF THE WEEK.

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T HE bankers have brought the London Conference down to earth with a bump. All the airy and vague optimism, all the elaborately created atmosphere of good will has been...

Then, suddenly, it was made clear by Mr. Lamont and

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Mr. Montagu Norman that American and English bankers, whose co-operation was essential for the floating of the loan to Germany, did not regard this as satis- factory. In doing...

EDITORIAL AND PUBLISHING OFFICES: 13 York Street, Covent Garden, London,

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W.C.2. A SUBSCRIPTION to THE SPECTATOR Costs Thirty Shillings per annum, including postage to any part of the world.

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The Daily Express of Wednesday fills its front page with

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an article describing a new invention in house- building made by Commander Burney. If it works in mass as well as in the laboratory, and we see no sort of reason why it should...

The Olympic Garnes which have just taken place in Paris

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have, it is sad to relate, been a failure ; not in the sense that the athletic performances have not been remarkable, or that the Games have failed to attract support. But...

But of course there is one fundamental difference between the

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Chamberlain and the Wheatley Acts, and that is that the State 'has trebled its subsidy per house. This increased subsidy is to go entirely' to the tenant. In other words, the...

We are happy to record that Squadron-Leader Maclaren, who when

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we went to press last week was lost in the Pacific between the Northern Island of Japan and the coast of Kamchatka, has been found on the Island of Urup, where he lay fog-bound....

The consecration on Saturday of Liverpool Cathedral was a great

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event. Though we have not seen the building ourselves, it is, to judge by photographs, by far our most important example of modern Gothic architecture. The King and Queen...

Meanwhile the Housing Bill is ploughing its way through the

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House of Commons. The Government is making the most strenuous efforts to send it to the Lords by the end of this week, and it looks as if they might just do it, since it is...

At last, through the misty clamours of debate, the final

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shape of the Bill is becoming clear. In essence it now seems that Mr. Wheatley's is but an extension of the Chamberlain Act of last year. His bargains and arrangements with the...

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Professor Lohmann just before the War succeeded in obtaining with

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his new type of electric furnace temperatures of over 7,000 Fahrenheit. If Professor Miethe's experiment were repeated with the furnace instead of with vapour lamps, it is...

We regret that the decision of the Dean of Westminster

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is against placing a Memorial Tablet to Byron in the Abbey. It is true that Byron was a man of bad life, but so were Charles II., Mary, Queen of Scots, and many other persons...

The newspapers are always the chief playground of the Irony

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Of Accident. A long telegram from Berlin is given the place of honour on the leader page of the Morning Post of Monday last—followed by another on Tuesday— under the heading "...

The terrible, the uncreating word may be spoken at any

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moment. We have been told that we must make any and every sacrifice in order to get back to that thing of adamantine stability, that immutable element, gold, and be willing to...

We wish we had space to describe in detail what

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must take place if a month hence the Morning Post repeats its shock to bankers and gold standard men, and announces that gold can be produced at half-price from mercury, and...

Like every other British newspaper, we should like to express

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our welcome to the members of the American Bar Association, who are the guests of the English Lawyers and Canadian Bar Associations. The American Bar Association was welcomed on...

Bank Rate, 4 per cent., changed from 8 per cent.

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July 5th ,1928. 5 per cent. War Loan was on Thursday, 101 ; Thursday Bank Rate, 4 per cent., changed from 8 per cent. July 5th ,1928. 5 per cent. War Loan was on Thursday, 101 ;...

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TOPICS OF THE DAY.

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FRANCE'S ALTERNATIVES—CO-OPERA- TION OR ISOLATION. T HE Spectator is sometimes, though always most unfairly and erroneously, accused of a prejudice against bankers. We are...

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THE EMPIRE AND INTERNATIONAL RELATIONS.

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BY EVELYN WRENCH. " The whole question of the representation of the Dominions will have to be tackled. We are determined to do that. I have already, with the concurrence and...

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'HEALTH AND ATHLETICS. GOLF : A GAME OR A TREATMENT?

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BY BERNARD DARWIN. I N his interesting article on " Health and Athletics," Dr. Saleeby asks, " In short, is golf really a game or a treatment ? " He asks his question so...

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A SHORT STORY.

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ITALIAN WHIRLIGIG. BY A. E. COPPARD. ONE time I was in a little Italian town not far from Pisa, and it had a scrap of waste ground in the middle of it that no one seemed to own...

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ART.

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GAUGUIN AT THE LEICESTER GALLERIES. THERE are strong similarities between the characters of Robert Louis Stevenson and Paul Gauguin. They both shared the same urge for escape...

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LETTERS TO THE EDITOR.

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HEALTH AND ATHLETICS. . . . . [To the Editor Of the SPECTATOR.] SIR,—Having had experience of women and girls in industry for the past twenty years, perhaps I may be allowed to...

BISHOP OF OXFORD'S BILL. [To the Editor of the SPECTATOR.]

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• read in the -Editorial Note that- you were good enough to attach to my letter under the above heading in your issue of the 19th is:1St. that- you are in favour of State...

CRUELTY IN SPORT. [To the Editor of the SPECTATOR.] SIR,—It

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is a far cry from two cold-blooded, youthful, but intellectual murderers in Chicago, to a genial, experienced, but -intellectual 'gentleman in. London ; yet the motive for the...

SIR,—kr. Whitbread- ought to tell your readers that the Bishop

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of Oxford's Bill received support ias well as criticism) from all quarters of the House of Lords, and that many of the statements made against it by its chief opponents were -...

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MR. GWYNN'S REPLY.

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[Your correspondent, Mr. G. H. Cunningham, is so polite to me that I must not only reply to him, -but reply politely. Yet, in honesty, -I think that 'one of °the most immoral...

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THE BANK RATE.

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[To. the Editor of the SPECTATOR.] SIR,—As one who for the past twenty'years has drawn atten- tion by every means in his power to the danger to this nation of the international...

A CIVIC SENSE IN ENGLAND? THE' KENT COALFIELDS [To •

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the Editor of the- SPECTATOR.] Sin,, It would appear that my article on the Kent Coal. 'fields, published in your issue of -June 7th, has proved some- what provocative to Mr....

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AUSTRALIAN AUTUMN.

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(Cf. F. P. Smith in the Spectator, April 12th.) [To the Editor of the SPECTATOR.]. SIR, —I am aware that it is futile to retort to a poem, and that the verses enclosed herewith...

"A SCRAP OF PAPER."

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[To the Editor of the SPECTATOR.] SIR,—With reference to Mr. Valentine Williams' letter in the Spectator of June 28th, I think the phrase " A Scrap a Paper " occurred to the...

"EL GRECO."

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[To the Editor of the SPECTATOR.] is, I think, universally believed that the real name of " El Greco," the Spanish painter of Cretan origin, was Theotok6poulos, which I take to...

A REQUEST.

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[To the Editor of the SPECTATOR.] Sm,—This letter may appear impertinent. I hope not However, nothing venture, - nothing have. Having recently seen inside a few old copies of...

POETRY.

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HE PASSETH BY. CHRIST Jesus Who lived long ago Far from streets where we nien go,' The fiercest and the tenderest was' Of any bOrn. He loved the grass And all tiny things...

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FINANCIAL SUPPLEMENT

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BANKING AND INSURANCE , /*To. pm] WEE IC ENDING sAirpokir, JULY 26, 1924. GRATIS.

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INASMUCH as we have it on the authority of a

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prominent politician that banking is an “' easy " profession s it may seem out of place that any time should be given to a con- sideration of banking problems. It might be...

tIjt *pedant.

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BANKING AND INSURANCE SUPPLEMENT. LONDON: JULY 26th, 1924.

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FIFTY YEARS IN THE CITY.

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BY SIR FELIX SCHUSTER, BART. F11-rir years seems a long and almost interminable period to look forward to. When you look back, half a century does not seem nearly so long. The...

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FREEDOM AND PROGRESS IN BANKING.

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BY HARTLEY WITHERS. TEN years ago when the war-cloud burst there was a general opinion that " nothing would ever be the same again," and this was especially so with regard to...

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CREDIT AND PRICES.*

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By R. G. HAWTREY. BANKERS create money. The medium of payment used in all the more important transactions is bank credit, that is to say, debts due from bankers. When a banker...

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LIFE ASSURANCE FOR THE PROFESSIONAL MAN.

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BY ALEXANDER WRIGHT. IN these days of higt taxation, adequate life assurance has become equally necessary to the professional man as fire assurance is to the factory owner, and...

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INSURANCE COMPANIES' ACCOUNTS.

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Arruouorr insurance companies' actual business opera- tions are less subject to legislative restriction in this country than in many others, including- the United States, the...

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. 1..ondon: Printed by W. 5ra...tour Azw Soxs, LTD., 98

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and 99 Fetter Lane, and Published by Tits SPECTATOR, LTD, at their Offices, No. 13 York Street, Covent Garden, London, W:C.2.-Saturday, July 26th, 1924.

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A BOOK OF THE MOMENT.

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- CANCER. - - - Cancer. By J. Ellis Barker: With an.IntroilUction by- . sire W. Arbuthnot Lane. (Murray. 78 6d. - - net.) Spicu Mr. J. Ellis Barker Sets out to - reveal the...

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BOOKS.

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THIS WEEK'S BOOKS. WE have reached the most barren period of the year for new publications ; but a few noticeable books are still trickling from the press. The most original...

THE BOLSHEVIK THEATRE.

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THE Russian Revolution and the sense of liberation experi- enced at any rate by the industrial workers of the big cities are finding ready expression by means of the theatre....

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THE ETTRICK SHEPHERD A10 ; METAPHYSICS.

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Memoirs of a _ Justified . Sinner. . By James . Hogg. The Campion Reprints. (A. M. Philpot, Ltd. 50.) Tins reprint, after a hundred years, of Hogg's novel is very welcome, for...

A LONG VOYAGE. ,

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The:Cruise of the 'Amaryllis.' By Cr. .IL P.. Muhlhauser,.Lt., - With a memoir of the Author by E. Keble Chatterton, and an Introduction by Claud Worth. (John Lane. 8s. 6d. THE...

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A NEW LOCKE.

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fin Essay Concerning Human Understanding. By John Locke. Abridged and Edited by A. S. Pringle-Pattison. (Oxford : at the Clarendon Press. 7s. 6d. net.) Ir is somewhat unusual...

FICTION.

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THE SUPERNATURAL AND - THE PSYCHIC. - Unity. By J. D. Beresford. (Collins. 7s. 6d.) The Red, Horse. By Christopher Rover. (Grant, Richards. 7s. 6d.) Mariposa. By Henry...

OTHER. NOVELS,—The Plastic Age. By Perm Marks. (Selwyn and Blount.

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7s. 6d. net.)—The psychology of the youths in this truthful account of University life in the United States is cleverly analyzed, and the story has all the appearance of being...

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HISTOIRE ILLUSTREE DE LA LITTkRATURE FRAN- CAISE. Par E. Abry,

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C. Audic, et P. Crouzet. (Harrap. 6s. 6d. ) The sixth edition of this well-known illustrated precis of French literature is now published in England by Messrs. Harrap. The...

LA. BELLE PAMELA (Lady Edward Fitzgerald). By Lucy ' Elliis

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and Joseph Turquan. (Herbert Jenkins. 25s. net.) In this unusually massive volume the authors would seem to subscribe to the opinion of the Hon. Gwendolen Fairfax : that but for...

This is a careful and fully detailed description of the

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archi- tecture of the old Churches in Eryri, whether Welsh or English in their origin. - The arrangement is according to locality— the book suggests a most delightful...

Dr. Whitehead has lived for nearly forty years in India,

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first as educationist and then' as bishop. He has therefore special qualifications for writing the two main sections of his book which deal with the Christian Church in India...

FINANCE-PUBLIC & PRIVATE.

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[BY OUR CITY EDITOR.] RECONSTRUCTING EUROPE. " [To the Editor of the SPECTATOR.] - SIR,—While many reasons might be given for present restriction of dealings in securities,...

SHORTER NOTICES. -

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THE LIVERPOOL CATHEDRAL OFFICIAL HANDBOOK. Conipiled by Vere E. Cotten: - This is a - notable record of a notable achievement. The new Liverpool Cathedral will, .when ....

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FINANCIAL NOTES.

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A correspondent in a recent issue of the Spectator suggests that I might: explain the exact form in which the British Debt to the United States is being repaid at the present...