The immediate financial future of France is, of course, obscure.
We have discussed the indemnity elsewhere, but must remark here that, according to all accounts, immense efforts will be made to pay it rapidly, and so get rid of the Germans. It is believed that the first milliard will be raised in a month, and that the remainder will be collected in about 18 months more, the cities and com- munes pledging their credit as well as France. The indemnity has not alarmed 'Change, where all French securities have gone up ; but it has created a small panic among merchants, who have borrowed 41 millions of the Bank, placing most of it to deposit account, and causing the Directors to raise the Bank rate to 3 per cent. It will go higher yet, as the peace, besides creating a great demand for cash on French account, will set French industry free.