THE FRENCH CRISIS.
With regard to the situation in France it certainly cannot be said that developments have been along lines that were unforeseen. For Some time past now the impression has prevailed in City circles that the situation in France would have to be much worse before a Govern- Bent came into power with sufficient authority to effect the necessary' fiscal reforms both in-the matter of reduced expenditure and as regards the methods of obtaining revenue and establishing a Budget equilibrium. In some Suarters the view is taken that it may even require a ocialistic Ministry, or at all events the threat of a Socialistic Ministry,_ to make: the French nation ready to acquiesce in proposalsadeque. for meeting the situation with which France is _confronted. And yet it has to be admitted that one- good- feature. in- -the -situation is the calmness with which the French people have apparently viewed the latest Ministerial, crisis, and even as regards the franc them:-has been a tendency -to recover after the slump early in the week which sent down the currency at one time to- about -137' to-the .t: - There -is little doubt, however, that With- ea-Ch freSh -crisis the light from the franc becoines !mire pronounced,.-and not only does the whole combined political and financial situation in France become more coinplicatedaridconfusect,butother countries are adversely affected by the vagaries of the franc.
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