Fiscal Brink

Purse-heavy U. S. citizens exchanged fat dollars at Paris for 34 1/2 lean francs each--only an odd franc less than during the low-for-all-time slump (TIME, May 31).

Worried Frenchmen grew panicky as Finance Minister Peret offered to resign, since even his use of the long-boarded Morgan loan (TIME, May 31) had failed to stabilize the franc. President Doumergue and Premier Briand conferred, decided that M. Peret must continue his efforts.

The Deputies continued obdurate in their opposition to the Franco-U. S. debt settlement (TIME, May 10, NATIONAL AFFAIRS), though M. Peret declared publicly: "The American Government will not permit a French loan in New York until the question of debts is settled."