After the recent Nouncil of - Ministers it was said that
M. Caillaux saw his way to introchice economies to the value of £7,000,000 a year, but we still do not know hovi he is going to do .it. Nor do we see what M. Caillaux is doing •to restore confidence in Government securities. For generations the confidence of the investors in French rentes has .heen a remarkable thing. Every peasant and every concierge who had saved a little rushed to put it into Government securities and. felt safe for ever after. That confidence has gone. Many small investors have been hoarding their money rather than trust it to the GoVernment. Another awkward fact for M-. Caillaux, though it is difficult to see how he can avoid it, and he has our sympathy, is that among his most prominent supporters are some of the very SoCialists who collabor- . rated with M. Herriot when the flight from the franc was at its worst. * •
