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In the Chamber on Tuesday, M. Painleve read his declaration

of policy. Dealing first with finance he declared that the whole of the public expenditure must in future be covered by safe and permanent receipts. Not a centime must come from inflation or from borrowing. But in order to prevent the Treasury from getting into 'difficulties when bonds fell due for redemption the amount of the debt must be reduced without delay. An exceptional national sacrifice would be necessary. All forms of wealth would be required to contribute. 'Nor was that all ; the franc would never be safe until an agreement had been reached for the settlement of War debts. The Government would, therefore, pursue the negotiations in London and Washington.

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