M. Reynaud 'a Decrees M. Reynaud, the Finance Minister, has
completed his survey of France's finances and, in co-operation with M. Daladier, is drawing up the financial decrees which are to be promulgated next week. The period of the plenary powers granted to M. Daladier ends on November 15th. The decrees are expected to impose sacrifices on capital and labour, increase working hours and demand greater efficiency from the employers, reduce State expenditure and effect a conversion of Government stocks and a revalua- tion of the Bank of France's gold. Such measures may secure the support of the Socialists ; and M. Reynaud is more likely than most men to obtain approval in all classes for his plan. Apart from financial reasons, this would be a valuable political gain. But even if M. Reynaud succeeds in improving the financial situation, political conditions are likely to grow more rather than less unstable. The visit of Mr. Chamberlain and Lord Halifax to Paris is welcomed chiefly as some slight offset to the alarming results of Munich and evidence that the Entente has not been sacrificed to the Four Power Pact. France is ready both to be alarmed and reassured on somewhat slight evidence.
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