Nationalisation in France
The French Bill for the nationalisation of credit, which was passed by the Assembly on Sunday, is considerably more radical than the comparable British measure nationalising the Bank of England ; but both attempt to achieve the same ends by different means, which are explicable by the differing financial structure in the two countries. The French Bill nationalises not only the Banque de France but the four principal deposit banks ; together with the control of agri- cultural deposits, which has already been established, this brings more than 8o per cent. of French bank deposits directly under State control. The Communists naturally enough objected to the gap of zo per cent, which is left free, as also to the proposals for com- pensation, and for these reasons they decribed the Bill as a Progres- sive and not a Socialist one. Nevertheless they voted for the Bill, in order as they said to show they were not obstructionist. By securing their support, which enabled the Government to show a united front to critics on the Right, and to pass so important a Bill with the maximum of speed and minimum of controversy, General de Gaulle may claim a notable success, which will increase the prestige of his Government ; it is precisely this kind of legislation that the country hopes for from his administration. It was natural, however, that his Conservative critics should ask why the French banking system should require more radical remedies than those applied in Great Britain by a Socialist Government. The reply by M. Pleven, Minister of National Economy, was both witty and wise. The British, he said, can replace legislation by custom, and one word from the Governor of the Bank of England ensures the obedience of all British banks. But the French are both more suspicious and more literal and require written proof that control has been established. The British Parliament can do anything except change men into women ; the French Assembly can also do anything except change Frenchmen into Englishmen.
