M. Laval's Crisis By the time these words are in
print M. Laval's political fate may be known. The odds are on the whole in favour of his temporary survival, if only because no one is anxious to take his place, least of all the Radicals and Socialists, who are his chief assailants. The question of the political Leagues is not likely to be fatal, for by adopt- ing what is known as the Chauvin report, prohibiting `political associations which organise armed parades or carry on military exercises, the Government is giving sufficient satisfaction to M. lierriot and his followers to avoid the danger of a Radical vote of censure. How far M. Laval thereby invites an attack by the Leagues remains to be discovered, but in spite of rumours of coup d'etat by the Croix de Feu in Paris, it seems probable that the Premier will succeed once more in skating safely over singularly thin ice. The battle for the franc is more serious, for there is no doubt abOut the volwne of the out- flow of gold, in spite of a. bank-rate increased in a fortnight froM three per 'cent. to six. The GovernMent still refuses to devalue, and insists on the rigid economies it has imposed by decree since the Chainber rose four months ago.- The trouble is that the economies are not sufficient. The budget is still in deficit, and the Govern- ment, with constant loan repayments to face, can make no headway at all against the tide. M. Laval may stave off defeat on this issue for a time, Nit France's lfinancial difficulties arc getting greater, not less, every month.
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