On January 26, Monsieur Gaston Calmette called Monsieur Caillaux to account in the _Figaro_ on the question of a heavy fine of £325,000 which had been inflicted on a Paris bank (the Banque Perrier) for the non-observance of certain formalities in connexion with an emission of two million pounds sterling of Ottoman bonds. Monsieur Gaston Calmette returned the next day to the question, twitting Monsieur Caillaux somewhat cruelly with his inability to give a satisfactory reply. On Wednesday, January 28, he returned to the charge again and at some length on the front page of the _Figaro_, dropping it on the 29th for an article of two columns and a half on Monsieur Caillaux’s connexion with the Crédit Foncier Egyptien and the Crédit Foncier Argentin. In this article Monsieur Calmette deliberately accused Monsieur Caillaux of allowing quantities of South American bonds and shares an official quotation on the Paris Bourse because Monsieur Spitzer, Monsieur Ullmann and others of his financial friends were interested in placing these bonds in France. Monsieur Calmette declared that during the six months of Monsieur Caillaux’s tenure of office as Finance Minister in 1911, that is to say from February to June of that year, South American bonds and shares to the amount of forty million pounds sterling received an official quotation on the Paris Bourse, and he drew up and published a Table showing the prices at which the quotations had been given, and the depreciation of these stocks and shares during the three years which followed. The depreciation is about twenty-five per cent. In other words, according to the _Figaro_, Monsieur Caillaux’s admission of these enormous blocks of South American bonds on the Paris Bourse resulted in a loss to French investors of ten millions sterling. Naturally enough Monsieur Caillaux replied through the official Havas agency, and in reply to his _communiqué_ Monsieur Calmette on January 30 returned to the charge, emphasising his original accusations.