BIRTH OF NEW FRANC

Evening Star, Issue 22461, 5 October 1936, Page 9

BIRTH OF NEW FRANC

CELEBRATED WITH ORGY OF BUYING INTERNATIONAL STOCKS SOAR Press Association —By Telegraph —Copyright PARIS, October 2. The Bourse celebrated the birth of the new franc with an orgy of buying. The week’s quiet spell was broken when throngs of brokers and clerks, jammed in an inextricable, shrieking mass, fought to buy on the rise. The authorities decided to keep the rises between 15 and 20 per cent.; consequently business was almost confined to outside the brokers’ market. International stocks soared. NEW ZEALAND PRODUCTS COMPENSATORY EXCHANGE CANCELLED. PARIS, October 3. An official decree cancels from October 10 compensatory exchange on New Zealand and Australian products. Cancellation of the Australian and New Zealand tax was accompanied by decrees limiting the Chinese and Japanese exchange tax to 10 per cent., reducing duties on goods not subject to quotas by 20 per cent, in the case of raw materials, 17 per cent, in the case of semi-manufactured goods, and 15 per cent, in the case of manufactures. The duties on quota goods will be reduced 20 per cent. The decrees are aimed at checking excessive prices. FOREIGN EXCHANGE MARKET FRANC ON NEW BASIS OF 103$. LONDON, October 3. Dealings in the French franc were resumed on the London foreign exchange market this morning, opening on the new basis of about 103$, compared with Friday’s closing level of 76 37-64- The present mean rates on the principal centres are;— Sterling on New York 4.93 1-16, Paris 105|, Brussels 29.215, Amsterdam 9.14, Geneva 24.415, Berlin 12.325. About 378 bars of gold of an approximate value of £1,058,000 were disposed of at £7 Is per oz.