15 MAY 1926, Page 5

The French Parliament has at last given the final legal

sanction to the Budget, which shows a nominal surplus balance of 16o million francs. So far, this has had no good effect upon the exchange. Parliament adjourned on April 29th for a month. Its occupation then will include the ratification of the American debt scheme. The new offer has been approved by theUnited States Debt Funding Commission. It is a rather better offer than the one made by M. Caillaux, beginning with two annual payments of 3o million dollars, which will increase until the debt is wiped out in sixty-two years. We welcome the announce- ment that the President of the French Republic and M. Briand will visit their Majesties at Buckingham Palace from June zznd to z5th.