FIGHT FOR FRANC.

Hokitika Guardian, 14 March 1924, Page 2

FIGHT FOR FRANC.

LATEST CABLE NEWS

AUSTRALIAN AND N Z. CARLE ASSOCIATION LONDON. .March 13. Oil the exchange market the French franc has steadily appreciated to 1ug.30. It closed at 105.37 to the £l. This is the consequence of an arrangement of credits in London oil behalf of the franc, and it is (relieved also in New York. The Belgian franc rallied sympathetically to 120.75 and closed at 125.25. .1. D. AIORGAN’S AID. BARIS, Alarch 13. The sudden recovery of the franc is due partly to Loudon credits. which tin 1 Bank of France Ims used to sell sterling and to buy in francs; hut there are still some Paris agents of J. P. Morgan and Sons, selling dollars in masses to all colliers on the Paris exchange. The bears were caught completely unprepared. They wilted, then recovered, and Finally broke again. It is understood that Alorgans have arranged a fifty million dollar loan towards France’s war treasury in a tight fot the franc. Rents rose a couple of traues in sympathy with the franc. FRANCE’S POLICY. LONDON, Alareli 12. The “Daily Telegraph’s” political observer says: The 1* renelt Government intends to light for the franc by buying all the quantities that may he cTlcred by the' speculators, and then inexorably demanding a real delivery of francs, instead of permitting and settling on margins. France has been studying the methods whit It Count AN itto used in tho 99’s to stop rouble speculations in Berlin. On one occasion a carload ol gold was sent from Russia, and the firm of Aleiidellssolm was ordered to buy up all the roubles tillered tor a week. At tho end of that time. A 1 on—dollsohu’s demanded delivery. Thu Russian Alinistrv of finance was beseiged by speculators clamouring lor mercy, which was only given on condition- - which forced them to leave the rouble alone for many years.

FRENCH COYERNA!ENT’S ATTITUDE. PARTS, Alareli 12. It is believed the Government may postpone tho elections, by prolonging the life of tho Chamber six months after .May, or for a year, as many of its supporters urge, in view of the belief that there is an offensive against the Irani - . President Alillerand is reported to favour the' idea. The Finance Committee of the Somite has voted all the new linn nee measures of the Government. adding amendments lightening up the present financial laws. Large consolidation operations are contemplated. The Bank of Franco is negotiating to obtain large credits. LONDON ANTICIPATIONS. LONDON. Alareli 13. The British rate of insurances against a fall of the franc to 200 to £l. was TO guineas per cent, on Alomlay, and rose on Tuesday to 50 guineas.