"New Era"

End. The International Conference in London, called by Premiers MacDonald and Herriot in June (TIME, June30') and started in July (TIME, July 28), was at last satisfactorily concluded.

Hand Salutes. The ending of the all-important parley, held in order to fix the terms upon which the Experts' Plan is to be operated, was no milk and water affair. Statesmen puffed out their chests, sighed with relief; then a highly dramatic incident recharged the air with electrical emotion. The delegates had signed the final protocol of the agreement and were somewhat sheepishly regarding one another with a "that's that" expression on their faces, when Premier MacDonald started the electricity by shaking hands all round. The paw of Chancellor Marx he held long and earnestly, led its owner to Premier Herriot of France, seized the right hand of the latter and affectionately pressed it into that owned by Wilhelm Marx. German and Frenchmen's hands tightened in a cordial hand salute while Premier Ramsay smiled benignly on.

Words. In every Capital of the World, the new international agreement was acclaimed with gusto. Statesmen, politicians, officials, simple dignitaries, multifarious in political completion, and too numerous to mention, hailed the accord as "the opening of a new post-War Era." Excerpts from a few speeches and interviews:

A "White House spokesman": "The President believes that this is the most important result which has been accomplished since the armistice. ... It looks as if the end of the War had come at last and as if the beginning of an honorable and, we hope, lasting peace is at hand."

Ambassador Kellogg: "I may be too much of an optimist, but I believe this settlement is the dawning of a new day of hope for millions of people and the revival of industry and prosperity so necessary to the happiness and progress of mankind. . . ."

Premier MacDonald: "It is the first negotiated treaty since the War. It is the first peace treaty, because we sign it feeling that we have turned our backs on the horrors of war and on the mentality of war. . . . We have a long way to go before we reach the goal of peace and security, but we are on the right road."

Premier 'Herriot: "We now see the dawn and we hope to work till daylight is reached."

Chancellor Marx: "We hope that in the future the spirit of peace and reconciliation which has inspired this Conference will remain unimpaired." Away. The Conference ended at 9 o'clock in the evening. Within a few hours, practically all the delegates had quitted the capital of the Commonwealth. Premier MacDonald left at midnight for his native Lossiemouth in Scotland. The French caught the night packet for France. The Italians were gone by the first train in the morning. The Germans were found at Harwich in the early hours of the morning boarding a boat bound for The Fatherland. London became deserted overnight.

Results. The protocol, which set the seal of international approval on the decisions of the Conference, was accompanied by four annexes, designed to make the Experts' Plan effective. The content of the annexes was practically the same as the 'substance of the agreement reached by the Allied and Associated Powers before the arrival of the Germans (TIME, Aug. 11). The major distinction was that the Germans had approved the proposals and made the agreement international and effective by signing with the Allies.

Ruhr. Germany, with the unexpressed but self-evident sympathy of the U.S., Italy and Britain, was anxious to have the French and Belgians evacuate the Ruhr as soon as the Experts' Plan had been put into effect.

Originally, France and Belgium had demanded a period of two years in which to effect the desired evacuation; both had insisted that a nucleus of French and Belgian railway workers should be left in the occupied territory in case it should become necessary to resume economic control. In the face of fiery German opposition, it was subsequently agreed to evacuate the Ruhr within a maximum period of one year and to drop the demand relative to the railway men. Providing, therefore, that the Germans loyally cooperate in the working of the Experts' Plan, the Ruhr must be evacuated by the Franco-Belgian troops before Aug. 16, 1925.

Evacuation. The last exchange of letters between French, Belgians and Germans was of considerable import ance. In order to allow the Germans to meet their Opposition with concrete advantages obtained from the Conference, MM. Herriot, Theunis and Hymans wrote to Chancelor Marx: "At the moment approaching the close of the London Conference, which marks an important effort to establish a regime of international concord, the French and Belgian governments, desirous of giving immediate and spontaneous proof of their will to peace and their confidence in the engagements freely entered into, decide that they will order, on the day following the definite signature of the London agreement, the military evacuation of the zone of Dortmund and the territories outside that of the Ruhr occupied since Nov. 15, 1923. . . ."

Chancellor Marx made formal acknowledgment.

On the morrow of the day following the signing of the protocol France ordered the evacuation of the towns of Offenburg and Appenweier in Baden.

Commercial. Another of the impediments to the smooth running of the conference was concerned with commercial treaties. In return for concessions granted to Germany in respect of the Ruhr, France desired to obtain solid commercial advantages for herself, particularly with reference to an extension of the Alsace Agreement, incorporated in the Versailles Treaty, by which Alsatian produce is admitted duty free into Germany. In light of a coming era of renewed commercial activity Britain and Italy were also anxious to conclude new commercial treaties. The whole matter became so complex that it was decided to hold a special conference in Paris during October to deal with the problems and draw up the treaties.

Future. As Ramsay MacDonald pointed out (see above) success has not yet been achieved. What has happened is rather that the tangled skein of international wool (misunderstandings, etc.) has been unravelled. The Protocol and annexes have yet to be ratified by the respective Governments, failure to do which might well leave the world where it was before. Germany has to pass the laws necessary to the operation of the Experts' Plan, and to do so must pacify the Monarchists in order to secure a two-thirds majority. Looming in the future are dangerous rocks around which the Governments of the world must steer. Besides the Commercial Conference a conference on international war debts and another on security, demanded by the French, have yet to be held.