NEWS OF THE WEEK rimiE new Government in France, with
M. Painleve as Prime Minister, which was still being formed when we went to press last week, is a nondescript body with a nondescript policy. The first appearance of the new Ministers in the Chamber on Tuesday was the occasion for a noisy demonstration which was directed entirely against the personality of M. Caillaux, the Minister of Finance. The tranquillization of Europe depends so much upon the ability of M. Painleve's Government to rescue the finances of France that in this country we desire its success almost with the same anxious mingling of hopes and fears that we bestow on British affairs. By far the most significant fact about the French Government is that M. Caillaux is a member of, it. If this restored exile is given a fair chance by his enemies, and can fruitfully employ his undoubted financial knowledge and skill, the course of events may run very favourably from the British point of view. Just because he is , a cosmopolitan by disposition M. Caillaux is mistrusted by most Frenchmen ; but what excites suspicion among them- would be favourable to. the British principle of live and let live—in short, of . conciliating Germany and helping •hcr to recover.
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