The Government accordingly confined itself to. "exceptional and, temporary advances, amounting to Frs, 1,018,000,000 which have since been repaid in full"—which means, no doubt, that the Treasury dis counted some of its revenue, The emergency measures saved the situation. As M. Poincaré anticipated, public confidence was restored by the knowledge that a real effort was being made to grapple with the financial difficulty. The position steadily improved in August and September, and whereas the Treasury's current account with the! Bank of France showed a debit} balance of Frs. 148,000,000 on July 24, there was a credit balance of rs. 35,000,000 at the end of September. In addition to increasing its supply of francs, the Treatury in August and September, met large! foreign liabilities in respect of teans and purchases of tobacco, amounting in all to £7,242,178, 15,900,000 gold dollars and' 650,000 Duteh'flori M. Poincaré lof his expose that, sults obtained so'far are satisfactory, they are by no means final, a and are, in fact, only a beginning. One wonders what would hav happened if the position had not been taken in hand by M. Poincaré, there being no other French states: man possessing the same authority, coupled with the power to say "No." M. Briand would have gone on, charming deputies with his eloquence, which unfortunately has no hold over such stubborn things:
facts and figures. M. Poincaré, having already obtained the highest honour his country can give him, can afford to be unpopular, Coming Diplomatic Changes Unfortunately, his courage has a corresponding drawback. In pursuit of reforms, he treads on the toes of friends and foes alike, and, one of these days, the former will have enough of it and leave him in the lurch." He takes the most difficult course instead of the easiest, one cannot expecta Parliament. ary majority ty be as heroic as its spend three days, and the Suez! Gazal. They hope to be able to pay short visits to Malta and Gibraltar during their passage through the
nesses are expected to arrive home Mediterranean. Their Royal High-at Portsmouth on Monday, June 27.
Text read from the printed page and cleaned; old type leaves the occasional error.