THE OTAGO DAILY TIMES TUESDAY, MARCH 28, 1922. EUROPE AND PEACE.

Otago Daily Times, Issue 18515, 28 March 1922, Page 4

THE OTAGO DAILY TIMES TUESDAY, MARCH 28, 1922. EUROPE AND PEACE.

On the eve of the Genoa Conference the publication of the White Paper containing Mr Lloyd George’s memorandum to the members of the Peace Conference of March, 1919, a precis of which was contained in our cablegrams yesterday, possesses unusual significance. The document, which bears the title of “Some Considerations for the Peace Con. ference Before They Finally Draft Their Terms,” is unquestionably important and distinctly interesting. The publication of the White Paper was forestalled by the issue of Signor Nitti’s book, “Peaceless Europe,” which appeared exactly seven weeks ago to-day. In this book, in which the memorandum was published in full, the ex-Prime Minister of Italy frequently expresses admiration for Mr Lloyd George, but his serious complaint stands that the British Prime Minister signed a treaty that did not fulfil the principles which he set out. Signor Nitti sums up the state of Europe in ten points which make somewhat startling reading. His conclusion is thus expressed: * Continental Europe is on the eve of a series of fresh and more violent wars among peoples, threatening to submerge civilisation unless some means be found to replace the' present treaties, which *re based on the principle that it is necessary to continue the war, by a system of friendly agreement. In the view of Signor Nitti the peace imposed on the defeated nations practically amounted to a continuation of the war, and “they are expected to pay an indemnity surpassing by its very absurdity all possibility of even remote settlement.” Mr Lloyd George in his memorandum said that “the duration for the payments of reparation opght to disappear, if possible, with the generation that made the war.” He would then have inserted in the forefront of the peace terms the declaration that “once Germany accepts our terms, especially reparation, wo . should do everything possible to enable the German people to get upon their legs again. We cannot both cripple her and expect her to pay.” He held also that from every point of view “we ought to endeavour to draw up a peace settlement as if we were impartial arbiters, forgetful of the passions of the war.” The Treaty was conceived in a spirit different from / that contemplated by Mr Lloyd George, and Signor Nitti now makes the sweeping assertion that “everybody is convinced that to enforce the Treaties, without attenuating or modifying them, would mean the ruin of Europe and the collapse of the victors after that of the vanquished.” The impression is growing that a review of the terms of the Treaty is necessary, but this does not necessarily imply an entire acceptance of Signor Nitti’s views. In a recent speech, Mr Reginald M'Kenna, chairman of the Joint City and Midland Bank, who was Chancellor of the Exchequer in Mr Asquith’s Ministry, discussed the reparation payments and the limit of Germany’s ability to pay. “What that limit may be I do not venture to say,” Mr M'Kenna observed, “but judging from the experience of the last six months I do not think that it could possibly be made sufficient to meet her liabilities for reparation under the Ultimatum of London.” The London ultimatum demanded 1 a payment of about £400,000,000. The whole question of reparations has now become one of economic relationships based on trade. Germany, Mr M'Kenna thinks, cannot pay more than her exportable surplus, and this depends in some degree on her imports. The question is one for minute calculation, in which generalisations are valueless. The Genoa Con. ference must consider all these questions, but it is proposed that they shall bo dealt with “without injury to existing treaties.” The attitude of M. Poincare, the French Premier, who will not be present at Genoa, is equivalent to a declaration of “Hands off the Treaty.” “Existing treaties,” the French Government has said in a Note explaining its views concerning the Conference, “constitute public right in Europe. One could therefore not attack them without disturbing the peace of Europe.” Mr Lloyd George himself has expressed opinions on various occasions that are in conflict with those contained in the memorandum, although the passage of time has really strengthened the arguments which he employed three years ago. It may he assumed that ho will re-state his position on these important issues when he asks the House of Commons for an expression of its confidence before he proceeds to Genoa. The whole international position, political and economic, is of absorbing interest. M. Clemenceau, then Premier of France, was in reality the dominating

influence at the Peace Conference at Versailles, and it was his belief, with which there need not be serious disagreement, that the German could understand nothing but firmness, even to the point, perhaps, of intimidation—“that he is without generosity or remorse in negotiation.” The Treaty, however, has brought neither peace nor prosperity to Europe. The Conference at Genoa will in essence he another Peace Conference and its decisions may be fraught with far-reaching effects upon the future of Europe, if not indeed upon the whole Western world.