France's Finances M. Blum won a notable parliamentary victory on
Saturday when, despite the fierce attacks of M. Flandin and others, he secured a large majority on a vote of confidence in the Chamber. He had no difficulty in showing that his Govern- ment is more truly national than any " Government of Union " after which the Right hankers ; and he could claim with some confidence that his policies had been justified by France's economic revival. But M. Blum's real enemies are outside the Chamber. There is no doubt that the banks and the " capitalists " are making his position as difficult as possible by refusal to lend to the Treasury, though Czecho- slovakia can secure a loan with ease ; their efforts are furthered by the desire of the petit bourgeois to exchange francs for other currencies, and the activities of speculators gambling on a further fall in the franc. Though M. Blum gave assur- ances against any radical extension of his programme, his speech was followed by a further flight from the franc and a fall in rentes. M. Blum has decided against Exchange control ; it is held that he is debarred from further devaluation by the currency agreement with Britain and America. Yet it would seem that either one or the other alternative will become necessary if his financial difficulties continue.
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