No sooner had the London Financial News called attention last week to U. S. official inexperience in elaborate foreign exchange maneuvers (see p. 16) than the French Treasury proceeded to give the world a demonstration of what one of these monetary fandangoes looks like. It started with a brief semi-official announcement:
"The French Treasury is prepared to contract in London a short-term loan, thereby benefiting by the superabundance of free money in the British money market. It will be £25,000,000 or £30,000,000 in bonds for six months at 2½%. By thus procuring...
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