In concluding his speech, M. de her way to her son's bedside, is, one of a great many aristocratic Russians who have to earn their {living as best they can in Paris. [Count Ignatieff himself took to. cabdriving after having failed to Lasteyrie observed that, in view of France. One of his brothers was the pessimism shown by some jamake a@ success of farming in speakers who had taken part in the for a time the foreman of a gang of builders' men in the devastated debate, he thought it as well to point out that something, after all j regions.
A general who once com-had been done, though 1922 had been' manded an army corps at Petrograd invents smal] mechanical represented as so disastrous a year for the national finances. It is certain," the said, "that there will be a large surplus of revenue as compared with 1921. It may be as much as Frs. 2,000,000,000. We shall have spent 6,000 or 7,000 millions less than in 1921, and I am almost certain that our borrowings will be 8,000 to 9,000 millions less. These figures show that we are making constant efforts to place our house in order. As to the loans we raise, no one is entitled to say that all this money is thrown away. When we note the progress of the reconstruction proceeding in our cruelly ravaged provinces, we are justified in conceiving real hope.
"To those among us who suffer from this feeling of discouragement, I would advise a glance at other countries. Is there any country in the world that sets such an example of peace, order and industry as ours? When we see that France, in spite of- all she has suffered, has made a financial effort of 80 milliards on Germany's account, we need not despair.
I have not attempted to conceal -our difficulties. On the contrary, I have disclosed them with brutal frankness, but it would be folly to give [way to pessimism. I feel sure that neither the Government nor Parliament will allow themselves to be discouraged. The time will perhaps come when, after the Brussels conference, we may have to ask you for further sacrifices, but we will not ask for them without showing you very clearly that we have done everything ipossible to make Germany carry out her undertakings."
The main question seems to be whether the increase of production and the collection of revenue will be sufficient to permit of further borrowing at something like the' prevailing rates of interest. The thriftiness and industry of ithe people are as great as ever, and, though imponderable assets, they may lbe one of tthe best pillars of French credit between the Lubersac and Stinnes groups, and M. Herriot's tour through Russia. The negotiations show that the hard necessities of the situation are recognized. France no longer maintains the former attitude of, rejecting with horror any dealings with the Soviets, She is beginning to see that something like stable government: is emerging from the chaos in Russia, and, one of these days, she will be ready to do what she found it so immoral for Mr. Lloyd George to attempt a year or two ago.
Text read from the printed page and cleaned; old type leaves the occasional error.