Evening star., 1925-11-15

per IA.
Great Britain.-The annual lord
mayors banquet was held a: the Guild
! hall on the night OF November 8. and
was even more brilliant and jolly than
usual. The climax of the festivities
was when Austen Chamberlain, for
eign minister and the British repre-.
sentative at Locarno, drank from q
loving cup, and. beaming with friend
Illness and to the accompaniment of
heaven-kissing applause. handed it to
the German Ambassador. who pledged
him heartily. Premier Baldwins speech
breathed of discreet hope.
Unemployment has been steadily de-
clining during the past few weeks. and
there has been improvement in trade
not very great. to be sure. but of a
character to justify lift of the heart.
The new lord mayor is Wilmington
over again. He began In the business
he now heads at shillingS weekly for
q 12-hour day.
Our children are the most gener
ously provided for in the world, but
they miss some delightful things. Per
hapS the most delightful spectacle in
the world for children is that of the
lord mayor en- route to the Guild
hall banquet in his gilded coach drawn
caparisoned horses.
France.-On November Z, NJ. Pain
leve submitted to the finance COM
mission of the Chamber his program
for stabilization of the franc. His bill
called for taxation Gncluding increases
in established categories) on almost
everything that could be taxed; the
chief incidence to bear on securities
(except government securities, guar
anteed against taXation), business
profits, the higher incomes and real
property. 1t contemplated that dur
ing "A years a yearly sum of about
$500 900, 900 francs, derived from lts
operation, be turned into a sinking
fund to be used for retirement Of that
portion of the public debt (approximat-
ing the equivalent of about four billion
dollarsI consisting of short-term obll-
cations which presses fatally on the
fisc. plays the devil with the franc,
and in general prevents hnanclal ana
economic recovery and Stablllzatlon
1t called for some temporary IN
crease Of imitation G.e., extension or
the legal limit of note circulation of
tbe Panl. of France) to care for matur-
ing bonds pending development OF the
sinking fund adequate to that pur-
nose Painleve would not hear to the
capital levy-that millennial goal OF
the Unified Socialists.
Rut the Unified Socialists, who hold
the balance in the chamber finance
commission, as their party does in
the chamber at large, tore Painleve's
hill to shreds. 1t must be assimi-
lated to their holy principles; else
disruption of the Left Cartel
Painleve fought desperately, but,
so our information goes, has capitu-
lated. His case was that of the lady
who. "swearing she would ne'er con-
sent. consented" 1t Is generous to
assume that he and Herriot believe
that a Left government Is necessary
TO France, SO necessary as to justify
going to the absolute safety limit by
way of conciliating the Unified So
ciaiists, whose votes are necessary
to maintenance of a Left govern
ment The necessity, Of course,
might not be SO clear to others, es-
pecially non-Frenchmen.
So the bill is being redrafted. AS
redrafted 1t will, we are told, call for
mortgages, redeemable within IA
wears, on business concerns and real
estate covering amounts correspond
ing to the expectation OF taxation
payments under the original bill.
(This is, take it, the extent Of recog-
milton of the principle of the capital
levy) 1t calls for a forced renewal
of the state securities falling due in
the near future (apparently, the next
12 months) 1t calls for taxation of
government securities. with minor