10 JULY 1926, Page 3

The phrases about the " real " balancing of the

Budget and the " real " meeting of Treasury obligations cover a tragedy of make-believe. Not many days ago the French Government announced that the Budget had "at last been balanced," but the experts say that nothing of the sort has happened. Two and a half milliards are still required to balance the Budget for 1926, and nearly five milliards to balance the Budget for 1927. Again, it was announced not long ago that the Treasury had a milliard in hand. Now the experts say that the Treasury cannot carry on unless it is instantly provided with fresh resources !