Finance Minister Joseph Caillaux appeared, one bright morning last week, before the Finance Commission of the Chamber of Deputies. To the gentlemen present he said that the "balanced" budget devised by his predecessor M. Clementel was in reality short on the credit side some three and a half billion francs. It appeared that M. Clementel was banking on receipts from Germany which had not been received-a favorite French practice-and had neglected altogether a mere matter on the debit side of some $87,500,000.
M. Caillaux made it clear that the budget, which he had revised, would balance without recourse to expectations....
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