M. Poineare has heroically insisted on the point of honour,
but he has reinforced that argument with a very powerful argument of expediency in regard to the special debt of £80,000,000 which becomes due to America on August 1st. If the Mellon Agreement with America as to the French War Debt is ratified un- reservedly (or, at all events, with such reservations as Washington can approve) the payment of the £80,000,000 can be postponed because the amount will become merged in the general War Debt. Should M. Poincares enemies get their way, however, the £80,000,000 will have to be paid on the appointed date or France will be a defaulter. Further, under the Agreement with Mr. Churchill, France cannot pay the £80,000,000 without paying a corresponding amount of her debt to Great Britain. Mr. Snowden announced a few days ago that the Government would insist upon the fulfilment of Mr. Churchill's condition. Such a weight of argument is in fact on M. Poincares side that we can hardly imagine that he will fail to carry his countrymen with him, Even when the Agreements are accepted without reservation, however, the Chamber may try to reverse the sense by means of a special resolution in the strange hope that America will be willing to be thwarted in that way. •
