"French troops occupying fresh German territory." "Further advance into Germany." "Reinforcements." "French cut off the British bridgehead on the Rhine." "Proposals for new coinage in the Ruhr." What is it all leading to? Is it really reparations? Signor Nitti, who has made a thorough study of all the documents bearing on French designs against Germany, has come definitely to the conclusion that these measures have no reference to the recovery of damages for the devastated area, but that they are all taken in the execution of a vast project for securing French control over all the coal and iron of continental Europe. He supplies chapter and verse for his theory. Something has undoubtedly roused the suspicions of Signor Mussolini. They come rather late in the day to be effective. He naturally does not relish the idea of an Italy whose coal and steel supplies are placed at the mercy of a gigantic trust[Pg 176] directed from Paris. Italy has no coal and iron of her own. Her interest is, therefore, in a free market. Hence Signor Mussolini's alarm. Is there any ground for it? Let those who imagine that Italian statesmen are unnecessarily disturbed read the discussions in the French press leading up to the speeches recently delivered by M. Millerand, M. Barthou, and M. Poincaré.  
With regard to M. Barthou's intervention, I feel I must, as one of the founders of the Reparations Commission, say a word. There were important questions of amount, method, and time which could not be determined before the signature of the peace treaty and could not be settled at all without giving Germany a full opportunity of being heard. Hence the appointment of the Reparations Commission. It was called into existence to settle these questions after hearing evidence and deliberating on its effect. Of this commission M. Barthou is now chairman. He, therefore, presides over a body which has committed to its charge judicial functions of a momentous character. He has to adjudicate from time to time on the case presented by Germany under a multitude of different heads. Inflammatory speeches on the very subjects upon[Pg 177] which he has to preserve judicial calm are quite incompatible with his position. When he occupied the same post M. Poincaré ultimately recognised that he could not continue to write controversial articles on questions which might come before him for decision as a judge. He, therefore, very properly resigned his commissionership.
 
But to revert to the speeches delivered by these eminent statesmen. If they mean what the actual words convey, then France means to stick to the Ruhr. Not by way of annexation. Oh, no. That, according to M. Barthou, is a "foolish, mendacious and stupid" lie. But France means to hang on to the gages until reparation is paid. What are the gages? The industries of the Ruhr. If the French government is to control the industries which represent the life of this prosperous area for thirty years it assumes greater authority over the district than it exercises over the mining area of the Pas de Calais. In its own mining districts no government takes upon itself—except during a war—to give directions as to the destination and distribution of the coal produced. But there are indications that the control over the Ruhr industries is to be of a much more far-reaching character than this. And[Pg 178] this is where the hints—broad hints—thrown out by the French press come in. France, in order to secure the payment of the reparation instalments in future, is to be given shares in these great mines and industries. What proportion of shares? Amongst the gages demanded by M. Poincaré in August of last year were sixty per cent. of the shares in certain pivotal German industries in the Rhine area. Now the Ruhr industries are clearly to be included within the scope of the demand. France has the iron ore of Lorraine and the coal of the Saar valley. Her financiers have been engaged in buying up coal mines in Silesia. If she can secure the controlling interest in the Ruhr mines and Belgium and Poland can be persuaded to join in the deal, then the continent of Europe will be at the mercy of this immense coal and iron combine.
 
I said in the previous chapter that the ports were still open. As long as they are, Central Europe can protect itself to a certain extent against this gigantic trust, for the products of Britain and America will be available. But that possibility is to be provided against. Nothing is to be left to chance. One of the gages is to be control over German customs. How can Germany balance her[Pg 179] budget without a revenue? How can she raise a revenue without a tariff? What more productive............