CHAPTER VII.
FRENCH FINANCE Delayed Budgets--The Caillaux Position--Outgeneralled in Finance--Gold Reserves Undiminished--Allied Finance--No Financial Legislation--The National Defense Loans.
The spectacle of England loaning money to rich France--20,000,000 pounds sterling, or $100,000,000--was something most surprising.
The French have been considered among the best financiers and economists of Europe.

The whole world has been envious of the saving ability of France, and has invited the overflow of her accumulations into their local enterprises.

For many years France has had the lowest interest rates and a considerable surplus to invest in outside countries.

It is upon France that Russia has mainly relied for funds for her expanding industrial development.

In the Baring crisis she sent her gold to London to fortify the situation, and in the American crisis of 1907 she extended her hand across the sea.