STABILITY NEEDED.
Nor is it difficult to comprehend why, quite apart from security movements, the extent and rapidity of the rise in the franc should be occasioning almost as much concern in France as the &Ude of six months ago. Without wearying readers of these notes with technicalities about currency reforms, it may be said that while M. Poincare has, by effecting reforms in the Budget and in tax collections, aided the budgetary position and strengthened local con- fidence in France over many matters, he appears to have i failed so far to aim definitely at stability in the currency which would not only have checked outside speculative operations in " the franc but would limit, as it were, the disturbance to trade operations resulting from the attempt to arrest inflation and bring about more stable conditions. A funding of the French external debt accompanied by or followed by a sound stabilization scheme is what is required for imparting financial, currency and political stability to France.
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