Review of the Month

AT THE beginning of September, the French eased their pressure against Germany and allowed the latter to, be granted an arrangement for its reparation payments in kind according to the Lubersac-Stinnes agreement. The whole arrangement as to the German reparations is, however, but temporary. The Greeks suffered a disastrous defeat at the hands of the Turks in Anatolia, which rapidly resulted in the expulsion of the Greeks from Asia Minor, the Turks occupying Smyrna about Sept. 10. A few days after entering Smyrna the Turks sacked the city and finally set it afire, creating one of the most terrible destructions in history. At the same time their advance on Constantinople, together with their demands on the Allies, brought them directly in, con-flict with the latter and Great. Britain prepared for a new war, with doubt as to the support of France, whose political interests in the Near East are as different as their economic interests with respect to ;Germany. The Turkish situation became thus a threat against the peace of Europe. A revolution in Greece, followed by the abdication of King Constantine and the return of Venizelos to a function in the Government was one of the conse-quences of the defeat in Asia Minor. Civil war continued in Ireland, with more or less -bloodshed. Economically there has been no change for the better in Europe. In Great Britain there, are no signs of an -important trade revival. In Germany and Austria things are worse. French, Italian and Spanish affairs continue in a bad way. In the United States business is represented as "booming," but many people are inquiring where is the boom? About the middle of September Congress passed the tariff and the soldier bonus bills. The President signed the former and vetoed the latter, with a strong message that won praise among people who understand condi-tions. Congress tried to pass the bill over the veto, but failed. The President signed the tariff bill, which became effective Sept. 21. A severe handicap was thus imposed on American economics.