July 14th in France The July 14th celebrations in Paris,
a time-honoured occasion for party effervescence, have passed off with a number of arrests and minor casualties, but without serious disturbance of the peace. The feature of the occasion which most impressed many observers was the fervour with which the Communists cheered not only the principal members of the Government, but the troops on parade. The promise given by M. Stalin, on the occasion of M. Laval's visit to Moscow,- that the French Communists should receive orders to support the needs of French national defence has been loyally honoured. There has grown up in France during the past year a hybrid brand of National Communism, which may present a problem in classification to pure Marxists, but which is a tower of strength to M. Blum. During the past fortnight the bank rate has gone down, Rentes have gone up, and the new issue of Treasury Bonds has been well received. The strikes seem at last to be over. The omens continue favourable for the Government so long as it can go on spinning round at its present pace. There is more doubt whether its equilibrium can be maintained at a slower rate of movement.
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