FRANC RECOVERY.

Hokitika Guardian, 15 March 1924, Page 3

FRANC RECOVERY.

LATEST CABLE NEWS

AUSTRALIAN AND N.Z. CARLE ASSOCIATION. BARIS, Alarch M. The Bank of France entered upon its tight for the stability of the franc on .Monday morning last. The public are delighted at the success of tile Bank’s four days’ campaign. The ease with which France has obtained credit in London and in New York was a revelation to Ihe German speculators, who were acting through Amsterdam, Vienna and -Milan. When it became known to them that enormous credits were arranged, all the “hears” rushed to cover their commitments at any price.

Apart from the foreign speculators, the French investing public had contributed to the trouble by embarking on a mail course of buying dollars and pound.". This week's statement of the Bank ol France shows a decrease of 33(5,000,000 francs in paper money, which decrease has had a salutary effect.

FRENCH FINANCE PLANS. PARIS, Alarch 13.

The critical debate on the Finance Mill has opened in tho Senate. -M Bcroinger presented the Finance Cum mission’s report against the suppression of the State match monopoly, and other proposals, particularly a. provision authorising the Government to oli'oet economies by degrees instead of by Parliamentary legislation.

Af. Poincare, speaking lengthily, urged the Senators to sacrifice their personal preference to the defence of France, lie alleged that the fall of the franc had been organised by the German financiers with the object of forcing an evacuation of the Ruhr. France, he said, had replied hy measures of defence, and the Allies had sympathy. Air Ramsay MacDonald's letters had testified Britain's absolute loyalty, lie concluded: “There has been a singular change of opinion among our foreign friends about the Ruhr. Some say that we might exchange ii for other pledges. This shows that they realise that our pledge is of a certain value.” The debate was adjourned. POINCARE SCURFS. LONDON, .March 13. The .Morning Post’s Paris correspondent says: “It was evident that Af. Poincare had the Senate’s sympathy despite the objection of a strong section to decrees as being evidence of a modern tendency to substitute the Ministers’ authority for that of Parliament. The rise of the franc is the Government's trump card. Il is unlikely now that the Senate will adopt any course which will force Al. Poincare’s resignation. FRANC' FURTHER IMPROVES. LONDON, March 13 There is the greatest enthusiasm in France over the improvement of the franc on exchange, especially when it re-passed the century and closed at 98.‘J0 to the £l.