FALL OF THE FRANC.
LATEST CABLE NEWS
(USTRALIAN ANJJ N.Z. CABLE ASSOCIATION. BRITAIN BLAMED. LONDON, Jon. 15. The “Morning Post’s” Paris correspondent says that W. Klotz, ox-fiLtuiee Minister, has just published a hook entitled “From War to Peace,” in which ho charges the British Government with having launched an assault upon the franc, which, by degrees, brought it to its present level. points out that immediately after the armistice the franc maintained its position, because the British, the United States and some neutrals establish- -« ed credits enabling France (to buy « without, exchange operations, but Britain, in January 1919. refused to continue the system on the ground that $ she had to reassume control of all ('*■ financial resources to meet payments to America.
Air Klotz declares that this is untrue, and says that Colonel Mouse, ou liehalf of the United States, appealed to > Air Lloyd George, and Air Austin (Chamberlain to resume the French credits, promising American -uipport, but Britain was adamant ami i’i.e franc began to fall immediately after that.
The correspondent adds that a reply should be issued to Al. Klotz because if his assertions go unchallenged every fall in the franc will be attribute,l to English malevolence.
LONDON. January 11. The “.Morning Posl’s” Paris eorros-
pendent savs the catastrophic: fall of y the franc is the only topic of conversation in all circles. Alarm and distress were the dominating note on the Bourse where the fall to 96.25 was not anticipated by the most pronounced pessimists.
A wave of indignation swept the Bourse when the Italian lira- for tho first time since paper money was introduced rose from a premium of 101.20 to one hundred lrams. The only possihli explanation of tho sudden collapse of the franc is that the French investors, large and small. became alarmed at the turn things were taking and are selling French securities in order to buy foreign money. , PARIS, January 15. An important conference was held at the Ministry of Finance relating to the franc, after which it was announced that measurers were considered towards the sternest curtailment of public expenditure and an increase of reve-
Tho Council of Al'ini.sters meet to-day to consider the same subject.
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Hokitika Guardian, 17 January 1924, Page 2
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364FALL OF THE FRANC. Hokitika Guardian, 17 January 1924, Page 2
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