22 MAY 1920, Page 2

The first result of the Lympne conference was a marked

im- provement in the exchange value of the franc. The second result was the resignation of M. Poincare who, on retiring from the Presidency, was appointed chairman of the Reparation Commission. M. Poincare, writing on Tuesday to M. Millerand, expressed the belief that the Prime Minister's decisions had made the work of the Commission " most difficult " and that he himself must abandon the task. M. Lucien Dubois, a former Minister of Commerce, succeeded M. Poincare as chairman. M. Poincare has steadily maintained that the departments laid wage by the Germans have the first claim to an indemnity. Further, he holds that the time is not ripe for fixing the total amount which Germany must pay. M. Poincare unquestionably represents a very powerful section of French opinion, and his differences with M. Millerand may have important political consequences.