The course of the Belgian franc has mystified those who
understand little of international finance. The Allies treated Belgium with a proper generosity through the War and in the distribution of reparations. Far more important, her people wasted no time in getting to work as soon as they regained their country. Their Government took the right steps to fund their American debt. The Belgian franc seemed to deserve a better fate than the French, but they fell together. The Government made, not long ago, a gallant attempt to cut the ties that bound their franc, and prepared to stabilize their exchange. That attempt failed, and now they are redoubling their efforts with the whole nation behind them. Their Parliament is prorogued until October and they have put their popular and constitutional Sovereign in the position corresponding to that which the French refuse to let M. Caillaux occupy. The King and his Ministers have full powers to try once more to restore the exchange. M. Theunis is to be president of a financial council which will include men of business. Already the practical step is being taken of handing the State railways over to a company, and drastic economies will be introduced elsewhere. We hope that this. energy and good sense will bring its rewards.
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