FINANCIAL NOTES.
Not the least interesting among the week's develop- ments have been those connected with French finance. On the one hand, the American credits for $100,000,000.00 granted six months ago by American bankers-to the Bank of France have been renewed. On the other hand, credits for £4,000,000 granted here have been repaid. These credits, it will be remembered, were originally raised to combat the slump in the franc, and such was the " Bear " position revealed in the franc that the mere knowledge of the credits proved sufficient to bring about a recovery, and, so far as London was concerned, the French Authorities were probably glad to effect repay- ments, especially as dollar credits can at any time be converted into sterling. Another point connected with French finances which has aroused interest has been the report cabled from America, to the effect that negotiations were proceeding for the funding by France of its debt to the States on terms much more favourable than those arranged some two years ago in the case of our own debt to America. I should imagine that these reports are premature and that as regards details they may be un- founded. Were they true, the taxpayer here might have something to say with regard to the extent of French indebtedness to this country. A. W. K.
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