The new Prime Minister is M. Caillaux, who was Finance
Minister under M. Monis. He is abandoning the policy of trying to force the railway companies to take back their discharged employees, and there is no doubt that the political tendency of his administration, as compared with that of M. Monis, will be slightly towards the Right. The fate of the Income Tax Bill is as uncertain as ever. The Chamber accepted it two years ago, but the Senate has fought shy of it, and now that M. Caillaux has decided to be Minister of the Interior, instead of Finance Minister, it may be that, much as he believes in the Bill, he will not force it forwards. M. Cruppi goes from the Foreign Office to the Ministry of Justice. M. de Selves, Prefect of the Seine, becomes Foreign Minister : he has a reputation for suavity and sagacity, and certainly these qualities will be needed in the Moroccan question. M. Delcasse remains Minister of Marine. M. Messimy, the Colonial Minister, becomes Minister for War. M. Klotz is the new Finance Minister. The Times correspondent believes that M. Caillaux will pass the Budget as quickly as possible through the Senate, will offer a compromise on electoral reform, and will try quickly to substitute protection of regional products for delimitation.