The Bridgeport evening farmer., 1916-12-23
FRENCH DO NOT FEAR DEPRESSION
 FOLLOWING WAR
Expect to Apply Same Sus- tained Effort at Produc-
 tion as Now.

Paris Dec. 23.-"HOw is France going to pay the bill? By applying to productive occupations the effort she has sustained in war;" in the opinion of M. Raoul Peret, former Minister of Commerce. In an interview with the Associated Press he also declar- ed that the theory of reciprocity ought to be applied to the cOmmer- cial relations between France and the United States after the war. M. Peret is now "rapporteur" of the budget in equivalent to that of Chairman of the Ways and Means Committee of the House of Representatives.
 Alexandre Ribot, Minister of Fiji nance, has had the delicate task of borrowing the unprecedented sums that have been swallowed up by war RaoulPeret, who has not much more than half of M. Ribot's 75 years, has before him the task of finding the wherewitha1 to liquidate the debt
 "M. Ribot, by his prompt action in issuing short term bonds, rendered an ineStimable service to France,' says M. Peret. "He gave the French peo- pie a chance to show their confidence; they brought him so much money that it was not until the 18th month of hostilities that he found it ex- pedient to issue longer term bonds. Investments in French bonds are nev- CT a gamble; yet, in a sense, the pur- chase of these securities was a wager on the result of the conflict and upon the ability of France to foot the bill. French peasants, laboring men, me- chanics, apitalists-men and women of all classes that have money saved up have been wagering in that way a billion month for nearly two years that France wilI triumph. Thirty three and a half billion francs, all told, M. Ribot found in two years time in the pockets of our people.
 France in a two years eoffrt, ac- complished in military preparation what it took Germany 45 years to do. The same effort applied to industrial activity will do as much in solving the grave financial problem the war will have left on our hands; but it is scarcely necessary to say that we shall need time to restore our fi nances. %
 'It is difficult, and perhaps futile, to make estimates while the great ef- fort is going on. but, supposing the war adds 70 billion francs to our pT0S0Ih ndC1Oudl OGDL Ol OU DllllOuS, we shall owe hundred billion francs. That involves an annual interest of five billion francs, and is sufficient to require serious reflection; yet it does not frighten the French people upon whom the charge is going to fall They bring their money into the Treasury as freely to-day as they did after the battle of the Marne when we thought it might be over in less than a year, and they know exactly what they are doing.
 France has great reasons for wishing to promote closer relations with the United States said M. Peret, in conclusion. There are req sons of sentiment and policy besides business reasons. We shall want to see you use more of our products than before, and we shall need more from you. What is desirable, even necessary, to facilitate these growing exchanges Is a commercial tariff sys- tenn. Your. ad valorem tariff is the obstacle. It almost kept our indus tries away from the San Francisco fair. We are happy now that they went there, and we have been glad to see your industrial representatives here. It is hoped that out of closer intercourse may come solution to your great benefit as well as ours. It is heNtheory of reciprocal advantage that ought to be applied"