So far as Europe is concerned, our chief concern must obviously be the critical situation in the Ruhr. A few weeks ago a settlement would have been possible by which, in the long run, substantial payments might have been secured from Germany. Now that France has chosen herself to tear up the Treaty and to break the peace of Europe, I much doubt whether any substantial reparation will ever be paid at all. The European system created by the peace treaties is rapidly breaking up, and France has embarked on a course, the final results of which on the continuance of high civilisation in Europe are not yet calculable. From our own selfish point of view, fortunately the world is large; and we must hope that those are right—and within certain limitations they may be—who believe that this country can, by prudence, maintain a decent life, in spite of violence and disorder across the Channel. We in England are, I think, a united people at the present time on the main issue, that we stand for peace, to a degree that only exists at important crises of our history.