Armaments.

While this domestic clash continues inconclusively, German foreign policy, unchecked by Reichstag review, proceeds as by proxy. Von Papen has agreed about debts (at Lausanne), but threatens to desert disarmament (at Geneva). A disarmament which is practised by Germany and merely preached by France has always been a target of German criticism There is an impression that a Hitler foreign policy would be very much more disturbing to Europe than is the present Berlin policy, yet in mid-September the London Stock Exchange finds the German situation disturbing enough to depress the market. It is thought that France reached the limit of her concessions at Lausanne, and that the Herriot Government could not survive any retreat page 10 at Geneva. Hence Britain's remonstrance, directed at Germany. The question is not so much what is ideally just, as what is politically possible.