FRANC SLUMP.
LATEST CABLE NEWS
ALARAI IN FRANCE. lUSTHALIAN AND N.Z CARLE ASSOCIATION. LONDON, Feb. 18. The “Daily Express” Paris correspondent says:—The French Wane is now below the dreaded figure of one hundred to the pound. It is lower than the Italian lire. As a consequence. there is something like a panic on the exchange market. The cause is the absence of confidence among the French, who are licginning to realise that the money they deposit in the banks or hide in stockings may coasts to have a fixed value. The people, who so far have never thought of Inlying foreign currency, are no" purchasing from 100 to 200 pounds worth nt a. time. The bankers say that-for several days, selling orders to the extent of ten million sterling have been executed dailv. People are buying pounds and dollars. The difficulties are increased by the evidence that tho Ruhr industrialists do not intend to renew their agreement with the French for the delivery of materials, so the Ruhr situation may again be thrown into the melting pot. AL Loucheur has also stated that the new taxation will not retrieve the financial situation, as there remains a debt of thirty million sterling a yoar m France's commercial balance. ’ “The Times” Paris correspondent says ■—“lndignation over the causes leading to the fall of tho franc has turned, to grave anxiety. Afonths have passed since tho Government presented special measures to Parliament to restore the financial position of tho country, and to prevent- speculation m the franc, but so far there has been no indication that, anything effective has been accomplished. When the measures were first announced, there was an immediate improvement in the rate of exchange, lmt since Friday, the franc continued to drop, and the Government is blamed for not forcing its proposals relentlessly through both the Chamber and the Senate, and bringing them immediately into operation. Fears are growing that, even it thoy become law, they will come too late to save the situation.
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Hokitika Guardian, 20 February 1924, Page 2
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334FRANC SLUMP. Hokitika Guardian, 20 February 1924, Page 2
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