16 JUNE 1928, Page 2

Of course, some disappointment was caused by this want of

precision, for the uncertainties of the franc cast a shadow across all business transactions. M. Poincare, no doubt, looks upon vagueness as inevitable for the present ;• he knows that if the franc were fixed at its present rate there might be a great outcry from the rentiers, and the political sequels might be most injurious to his Government, which he holds to be irreplaceable. After all, the franc has not moved for many months, and there is much to be said for M. Poineare's point of view that the evils of Aelcying legal stabilization may easily be exaggerated. Besides, the -longer the day of stabilization is delayed the better figure may the franc reach. The danger of speculation is now pretty effectively prevented.