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 all our heroes! Honour to those who have fallen into the grave before victory was won, and honour to those who will avenge them in the near future! A nation that gives birth to such enthusiasm is imperishable. [Hear, hear.] Sheltered by this heroism, the nation has lived, worked, accepted all the consequences of war, and the peace of the community has never been disturbed.

Before leaving Paris—at the earnest request of the military authorities, who arranged the hour and manner of our departure, and after having organized with the help of the Commander-in-Chief the defences of the capital—the Government had begun to take all measures necessary for the well-being of the nation. It has made use of the right which you had given to Parliament to settle all matters. In this complex and delicate work, part of which will be submitted for your approval, it has, by observing great care, been able to secure the working of the public services, to stir up everywhere collective and individual initiative, to bind together economic relations in view of the fact that certain localities had to be revictualled, to watch over and help the unremitting work of equalizing military burdens. The Government has not of course always been free of mistakes, and it has sometimes profited by the suggestions and criticisms which it has received, as is most proper in a democracy where every citizen, including the humblest, is a fellow-worker in governing the country. [Hear, hear.] The Minister of Finance has published his report of the financial situation. The resources which have accrued from the issue of Treasury bonds and the advances of the Bank of France have enabled us to cope with the expenditure imposed by the war, and we have not been obliged to have recourse to a loan. The Bank of France is able, thanks to its excellent position, to furnish the Treasury with money and to help in the recovery of trade. Everything points to the vitality of France, to the security of her credit, to the confidence that she inspires in spite of a war which shakes and impoverishes the world.

The Bank note which is at a premium everywhere, the daily increase of business in the money market, the raising of the proceeds of indirect taxation—these are proofs of the economic strength of a country that adapts itself with ease to difficulties and confidently asserts that the state of its finances will permit it to continue the war until the day when the necessary compensation will have been obtained. [Hear, hear.]