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be pointed out that whereas he had a policy, or

at all events a skeleton of a policy, the Socialists had none. It is true that the Socialists demand a Capital Levy, but they accepted the wishy-washy, almost meaningless, resolution of the recent Nice Conference at which an attempt was made to patch up the differences of the Ministerial groups. The whole matter may be summed up by saying that in an attempt to keep the Cartel des. Gauches intact M. Caillaux has been thrown overboard. The- decision to resign was in the end a political decision which had nothing to do with finance. M. Painleve's new Ministry, whatever form it may take, will apparently be further off than ever from the happy discovery of a finan- cial formula that will unite a sufficient number of groups.

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