League Loans.

International finance, on which many hopes have been built, recently took on a new form through the League of Nations. It seemed that as a channel through which solvent countries (if there are any) might lend to embarrassed countries, the League might do a great work. The operation, like all other lending, was put forward as a boon to both debtor and creditor. The debtor's buying power would be released for the creditor's goods, and the debtor would pay the interest—somehow. But depression has brought an early breakdown, in that Greece has failed to pay interest on a League-sponsored loan. And now (21st May) Britain has told the League that she will page 11 guarantee no more temporary loans to States of Central and Southern Europe. Venizelos has grown tired of being a buffer between needy Greeks and the protesting Great Powers, and Athens announces his resignation.