Review of the Month

ON July 2 the Krupp plant in Essen was occupied by the French. The City of Frankfurt, on the edge of the Mayence Bridgehead was surrounded by the French. French infantry and cavalry occupied some more towns in the Ruhr. These moves were apparently in the way of reprisals. The Bank of England on July 5 raised its discount rate from three per cent. to four, per, cent., the lower rate having previously prevailed for almost exactly a year.. The advance appears to have been inspired by the reserve ratio, but especially owing to the fact that the low rate in the London market had led to the out-flow of funds from there to other markets. Philip Snowden brought up again in the British .Parliament his motion in favor of the condemnation of the capitalistic system and the substitution of socialism. The motion was put to vote and was defeated by large majority, only the members of the Labor party voting for it. The Allies and the Turks finally came to an agree-ment at Lausanne, the Turks getting about all for which they asked. It would be tiresome to record the details. The main fact is that the Turks, after having been ejected from Europe in 1918, are now going to return. Russia agreed to the settlement respecting the Straits. The Soviet Government of Russia formulated and adopted, subject to ratification, a constitution for the United States of Russia, which appears to be patterned after the constitution of the United States of America and the unwritten constitution of Great Britain. The important thing about this seems to be that it definitely reunites the constituent parts of the old Empire, the semi-independence of the Ukraine being surrendered.