FRANCE: Conversion

"The British took the initiative—they pointed the way !" cried beak-nosed French Finance Minister Louis Germain-Martin in Paris last week. He was speaking of the bold lead taken by beak-nosed Chancellor of the Exchequer Neville Chamberlain when he offered to holders of $7,500,000,000 worth of 5% British War Loan Bonds the alternative of asking repayment of their money in paper pounds or accepting new bonds paying only 3½% (TIME, Aug. 15). This example. M. Germain-Martin handsomely declared, gave him courage to offer holders of $3,332,000,000...

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