FRANCE: New Formula

Questions of financial policy loomed last week as the annual convention of the Radical-Socialist party opened at Nice. Before the convention appeared M. Herriot, Radical standard bearer, to insist that France can balance her budget only by a direct levy on capital. Likewise appeared M. Caillaux, Finance Minister, to plead for the powerful support of the convention, in order that he might be given one more chance to balance his budget by "orthodox" means.

It was recalled that these two statesmen have both wrestled long and unsuccessfully with French financial affairs. Six...

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