Old Europe and the New Crisis.

Focuses on the implications for the world of two political developments in Europe, the proposed Austro-German customs union and the newly revealed disagreement between France and Germany regarding naval tonnage. View that, on France's reaction with anger to the proposed Austro-German customs union, France does not wish to see any development which threatens their own hegemony over the European Continent; View that the disagreement between France and Germany regarding naval tonnage is a trick by France to prod the British to refrain from being neutral--or perhaps even to take Germany's side--in the pending discussions over the Austro-German proposal; Comments on Western European countries' decision to impose embargos over the Soviet Union's exports to these countries; Assumptions on the success of a world conference on limitation of armament to be held under the auspices of the League of Nations in 1932; View that if France and Italy continue at loggerheads on their naval tonnage negotiations, the prospect of failure in the League conference next year becomes proportionately greater; Situation of disarmament in Europe including in Germany.