COMPROMISE ON THE FRANC

Grey River Argus, 30 January 1948, Page 5

COMPROMISE ON THE FRANC

MAY BE A TIME LIMITATION

(Rec. 11.10) LONDON, January 29. Reuter’s Paris correspondent says: The Prime Minister, M. Schuman, announced, after a meeting of the French Cabinet, that the Council of Ministers will meet this (Thursday) morning under the presidency of M. Auriol, President of France. M. Schuman said: “We do not envisage amending the Free Gold Market Bill. We have decided not to call the Council of Ministers for a final decision. ’ ’ M. Schuman would not commit himself on the question of a confidence in the National Assembly. The Socialists after having to abstain from voting on the Bill as a whole, resolved to vote against the clause specifying a free gold market. The Daily Telegraph’s Paris correspondent says: There are one hundred and eighty-four Communists opposed to the Government, and the attitude of the Rightist Deputies is doubtful. Consequently the Socialists’ decision to abstain from voting endangers the Bill, and therefore M. Schuman’s Cabinet. The Paris correspondent of the Associated Press says: “Before the Cabinet meeting on-Wed-nesday night, M. Schuman and M. Bidault spent hours in meeting the Radical Socialists and Independent Rightists and the De Gaullists in an effort to build up a majority for the Bill without the Socialists.” French Banks Closed to Cancel Notes ' (Rec. 11 p.m.) LONDON, January 29. Reuter’s Paris correspondent says: It is officially stated this morning that the French banks will remain closed from to-day, until Saturday, pending the withdrawal from circulation of all five thousand franc notes. Under a Bill which will be introduced in the Assembly to-day, the 5000 franc notes will no longer remain legal tender. A HIT AT HOARDERS AND BLACK-MARKETEERS (Rec. 11.30) LONDON, January 29. The Daily Express correspondent in Paris says: The French Cabinet made a surprise early morning announcement about the closing of the banks while five thousand franc notes are withdrawn. It was timed to hit black-marketeers and hoarders. They cannot now change these 5000 franc notes, which are France’s biggest notes, and they are worth one hundred and sixteen shillings at the new exchange rate.