Caillaux Victorious

The gold parity bonds which Parliament authorized Finance Minister Joseph Caillaux to issue (TIME, July 6) were eagerly bought up by the bond- buying public until the number of new bonds purchased exceeded the number of old bonds to be redeemed.

"I cannot give you the exact figures," said the Finance Minister in high delight, "but I admit, if you wish, that the difference in favor of the bonds amounts to close to 100,000,000 francs. If I have been reproached with being too daring, my project's first results would seem to indicate that I took the right course and that, as I like to repeat, daring creates confidence. It is evident people with money to invest are eager to put themselves in condition to subscribe to the loan."