THE FRANC STEADIER.
Although no marked improvement in the franc has yet followed upon the acceptance of M. C,aillaux's loan proposals and the passing of the French Budget, there is no doubt that greater steadiness has characterized French currency during *he past few days than for some little time past, and the impression grows that, given time and support by the French public, M. Caillaux may succeed in effecting a material improve- ment in the French economic situation. It is just one of those instances where, given able and firm administration, the opportunities for improvement are very great. On the one hand, France has many difficult problems to contend with, but a good many of them are connected with imperfect administration extending over many years, while, of course, her external indebtedness arising out of the War increases the difficulty of the situation. On the other hand, however, France is really a prosperous nation as regards her industrial position, whilst the thriftiness of her people is proverbial.
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