Dr. Schacht in Paris ' • The resourceful Dr. Schacht,
who finds means of improv- ing Germany's economic position even in the unlikeliest places, began a visit to Paris on Wednesday. Officially, he is merely returning the call paid on him in Berlin by M. Labeyrie, Governor of the Bank of France. There is little opportunity for Dr. Schacht to employ in Paris the technique he used, apparently with success, on his recent visit to the Balkans, and French observers see small prospect of anything emerging from his visit unless the conversations he has enter the political as well as the financial sphere. The events of this week in Berlin will not have made that more easy. But Dr. Schacht desires a return to more normal financial and commercial rela- tions, of which some form of currency agreement is an essential condition. The French Government also has repeatedly declared that such an agreement must precede any revaluation of the franc. Despite, or perhaps because of, the Blum Government's legislative triumph in its first period of office, it is still threatened, as M. Caillaux pointed out last week, with a grave financial and Treasury crisis. -Currency " realignment " would certainly make the :solution of it easier, and currency problems may be the most fruitful subject which Dr. Schacht can discuss -upon his visit.
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