Yet even a doubling of the French national income would leave the State taking a very large proportion of income for public purposes—one might say an intolerable proportion but for remembering that our own Government takes almost as much. Some thing like doubling the French national income is what, then, the French Government is bound to aim at if it is not to think of radically cutting down its expenditure. The perceptible signs of business recovery (higher railway trafücs, larger power consumption) shown in French statis, tics are certainly not of this order. The problem of avoiding a continual accumulation of debt, Which, at the present rate, must end in a further, politically damaging, extension of the Central Bank's loans, remains. All that can be said is that the French control and the Bank of France res main with ample funds to maintain the quotation of the franc on Lens don for a period, and have even a simple means by revaluing gold of meeting several months of debt accumulations. The great advantages Of France are, however, a large un. used productive capacity which could be used and the reserves of its Citizens, which, in the last recourse, they would probably not continue to hold buried or placed abroad.
After a slack period since about the end of last month jobbers in the Consols market were agreeably surpirssukuripidedo v dli two critical epochs each year," Sir William concluded, "these might be related to the harvest seasons of the northern and southern hemispheres. The leading part taken by export industries in the British cycle is a pointer in the same direction, since British exports are exchanged for agricultural produce of one kind or another.
Text read from the printed page and cleaned; old type leaves the occasional error.