FRANCE: Tragedy

Finance Minister Caillaux returned to Paris, from London last week a fiscal conqueror. The Franco -British debt settlement (TIME, July 19), which he had negotiated with Chancellor Churchill was supplemented by attached correspondence providing that should France ever fail* to receive less than 50% of the contemplated German reparations payments, Britain will consent to a renegotiation of the entire Franco-British debt.

Simultaneously M. Caillaux received from Washington assurances that the U. S. will not, in the event of ratification of the Franco-U. S. debt accord, throw any bonds received in payment...

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