Review of the Month

AT THE beginning of February the British Government announced acceptance of the American terms for funding the war debt, the main features-being as follows: Interest rate of 3 per cent. for the first 10 years and then 3 ½ per cent. up to the final extinguishment of the debt at the end of 62 years. The interest from the time since the loans were made to the actual beginning of the funding arrangement to be recomputed at 4 1/4 per cent. instead of the 5 per cent. rate now in effect. Congress ratified the contract respecting the British debt. The ship subsidy bill was relegated to the rear, which is indeed an end to the project. The natural consequence of this will be a liquidation of the Govern-ment's shipping business. The joint committee on the reorganization of Govern-ment departments made its report to the President. In general this seems to offer a well-considered plan for the coordination of Government service. The pro-posals respecting the bureaus that are particularly associated with the mining industry may be subject to criticism. According to the committee's plan, the Geological Survey remains in the Department of the Interior, but the Bureau of Mines and the compilation of the statistics of mineral production are transferred to the Department of Commerce. The Lausanne conference among the European powers came to an end early in February, without any treaty having been signed, owing to the refusal of the Turks to accept the ultimatum of the Allies. Theoreti-cally this left conditions in a state-of war between the Allies and Turkey. However, no actual movements have resulted. The French and Belgians continued to hold the Ruhr district of Westphalia, extending their lines and administration of the region. The Germans adhered to the policy of passive resistance. In the Parliament of Great Britain the French and Belgian policy was plainly declared to be unwise and dangerous. French and Belgian industries, moreover, were troubled by strikes among their own coal miners for higher wages. The Poles and Lithuanians engaged in border war-fare;. the civil war in Ireland continued. The rest of the world was quiet insofar as military operations are concerned.