Feb. 20.
Ater a slight recovery yesterday the frane resumed its steady downward course this morning, though there was no panic, It seems that the movement is not due to speculation but mainly to the trade position, Once again the French are the principal sellers of francs. Many had counted on a rise following the appointment of M. Doumer as Finance Minister and of M. Berenger as Ambassador to the United States: accordingly they preferred to postpone as long as possible purchase: of foreign currency for trade settle ments but they have been appointed.
The outlook is still unpromising. Tae Government is bound to have very great difficulty in getting its financial measures voted by both chambers,: which are completely at Toggerheads, and failure to obtain cash will certainly entail French inflation French investors are tending more and more to buy foreign securities, which involves an exodus of capital abroad.
Text read from the printed page and cleaned; old type leaves the occasional error.