For the first time since the War, French bankers last week participated in underwriting an issue the proceeds of which will pour directly, officially into the German Treasury. Even six months ago talk of this loan was dismissed by French bankers as "fantastic." Through their friends in the Chamber of Deputies they thundered protests, warnings.

Attempts last week to interpellate Prime Minister Laval's Government about the loan brought a smash vote. By an overwhelming majority of 555 to 11 the Government's action in furthering the loan was barred from debate. Never was...

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