Coincident with news that France intends to float in the U. S. a refunding loan of at least $100,000,000 came an announcement that Prime Minister Raymond Poincaré, popularly known in France as "Papa" Poincaré, had in the last year lopped 14,000,000,000 francs (about $547,400,000 at present rates of exchange) off the state debt to the Bank of France.
M. Poincare, who is also Minister of Finance and cousin of the famed mathematician, Jules Henri Poincare, took over the control of French finances last year (TIME, Aug. 2, 1926). At that time, with the...
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