Meanwhile, the State is mistakeable hard up. Every payment that can be postponed is postponed Business men who carried out Government contracts have great difficulty in obtaining any money. The flimssiest excuse is used for putting off the evil day. It is not a case financial immorality but of sheer necessity. The Government cannot increase the amount of paper money in circulation without dangerously depreciating the already depreciated franc. Another Joan is necessary, but the circumstances are far from propitious. Even if the Government offered 7 per cent. interest, the loan might be a failure. Holders of previous loans (except the old Three per cents, in which there is a free market) have discovered that one of the chief attractions, at any rate to small people, has disappeared.
Before the war French Government stock was quite easy to dis-
Text read from the printed page and cleaned; old type leaves the occasional error.