Rome, Nov. 19. M. Andre Francois-Poncet, new French Ambassador to Italy, handed his credentials at 11 am. today to King Victor Emmanuel Il, addressed to the King of Italy and Emperor of Ethiopia, thus officially re~ cognizing the Italian Empire. A large crowd in the streets from the French Embassy to Quirinal Palace cheered the French Ambassador as he passed.—Havas, here point out the alternatives proved in figures showing the gravity of France's financial situation, Public expenditure in "France would in 1939 attain Fr. 137,000,000,000 against Frs. 85.500,000.000 expected in revenue. This would give the country a deficit of Frs. 51,000,000,000, This deficit, they add, could not be covered by a State loan in view of possibilities offered by the people's savings, Also there are about 2,000,000 people drawing their livings directly from the State with about 1,000,000 State officials of whom some $00,000 are railway workers, 600,000 former functionaries now on pension and about 300,000 active agents or officials pensioned by the local municipalities, Economic activity in France remained low whereas in other countries there was a recovery. Between 1990 and 1938, the index of industrial Production diminished by 25 per cent. these semi-oMeial quarters note.
Wagon-loads transported diminished by 35 per cent. while in certain other branches of industry, the decreases were even more considerable. Thus, there was a drop of 48 per cent. in the production of manufactured goods anda 40 per cent. decline in the building trade's activity—Havas.
Text read from the printed page and cleaned; old type leaves the occasional error.