FRENCH POLITICS

Hokitika Guardian, 19 July 1926, Page 2

FRENCH POLITICS

BRIAND RESIGNS. GOVERNMENT DEFEATED. (Australian & N.Z. Cable Association.] PARIS, July 17. The Briand-Caillaux Government lias lias been defeated in a division. .On n motion of confidence the voting was : For the Government 243 Against the Government 290 Majority against 4' The Premier, M. Briand, has tendered his resignation to the President. FRANC STILL FALLING. LONDON, July 17. The French franc in London opened at 201 Vto £l. Later it was 2041. and it closed at 2013. The Belgian franc closed at 205) to £l. AMERICAN CLAIM. WASHINGTON, July 17. Aroused by a. comparison of France’s debt settlements with England and with the United States, the U.S.A. Secretary for Finance, 51 r Mellon, in a formal statement, declared: “No other or,edits of France have accorded her such generous treatment as America.” FINANCIAL MAGNATES ABROAD. (Received this day at S a.m.) PAR IS j July IS. There is renewed talk of a. groat financial! conference regarding European and especially French finance. In ibis cmieiictioii press attaches significance to the arrival in Paris to-day ! i f .Mr Montagu Norman, Governor of the Bank of England, and Mr Strong, Governor til" the Federal Reserve Bank, United States, who have, been holidaying. Also, it is noted Mr Mellon and Mr Fierponi Morgan, are coining to Europe from America.

11l HAND'S DEFEAT. (Received this day at S a.m.) PARIS, July IS. The Chamber was crowded for the fateful debate in which the Finance Committee submitted the hill definitely limiting the powers of M. Caillaux. The latter .simultaneously Submitted his own measure, which M. llerriot opposed the Government and declared if its prerogatives wore diminished, he would resign tlie Presidency of the Chamber. He inipassionately appealed to Messieurs lo Government to co-op-erate with Parliament and not to suppress it. M. Briand in a statement said Parliament would increase its reputation in the eyes of the country by sacrificing its prerogatives. The Opposition moved to discuss the Finance Committee hill which M. Briand announced would be made a question of confidence. After the vote on tho bill, M. Briand announced his intention to lesign. The fear that France would be placed at the mercy of the foreign banks with the Chamber helplessly gagged, was mainly responsible lor the Eoaernmt'iit’s downfall. Majorities of the deputies are opposed to raising credits abroad, also to the Washington, if not the London, agreements. .Many ot the deputies jibbed, especially at the idea of entrusting M. Caillaux with dictatorial powers. In tlicv course of the debate, the Opposition quoted extracts Irani a rubicon treatise in favour of distatorship discovered in war time in a safe in Florence, the authorship of which i» attributed to M. Caillaux.

Later President Bonniergue accepted the Government's resignation. He is likely to summon M. llerriot who leads tho largest party in the Chamber. THE FRENCH SITUATION. 'Received this day at 8 a.m.) LONDON, July 18. 'France hv the Government and M. Briand’s resignation escapes a virtual dictatorship at the cost of the whole finances, which are again in the melting pot. The would-he dictator | rofesses llie utmost satisfaction. “There is no luck more fortunate than mine,” said M. Caillaux. who was the first to leave the F.lysse after the Ministry had placed the resignations in the hands of President Doumeergue. The debate preceding the defeat was marked by scenes of intense drama. The speakers .spoke in the widest divergence of views, and declared the real issue was whether France should pass from Government by Parliament to Government by Dictatorship. This issue entirely obscured the real issue of meeting the financial crush. M. llerriot was cheered, by the leaders as far apart as Tardieu Marin on the Right and Plum on tho Left. M. Briand delivered one of the most stirring speeches of his career. ‘lf Parliament grants Government power to act, I say it will increase its authority and prestige, and by the abnegation will conform with the wishes of the great majority of the nation and contribute to saving the, si tin-

M. Marin summing up the views of the Opposition, declared: “Me refuse to give you plenary powers because it would be dangerous and despoil Parliament.” Fie concluded pointing to M. Caillaux, ‘‘l add that if it were necessary to confer exceptional powers oil. any man, it would r.ot he you. T will not recall your past, but it. is one which has advantages.” Then came the division, when amid cheers, there were heard cries “this means the franc at three hundred to the pound.”

The Ministers headed bv M. Briand filed out silently. M. Caillaux, who was recently hailed as the savour of France, said for himself for the second time he was refused the chance of applying his plans. The feeling in French political c'rcles is that an attempt will he made to form a Cabinet of National Union embracing M.Ms. Poincare and Herriot. News of the downfall was received with surprise in London political and financial circles. The “Sunday Times’s” Paris correspondent says M. Briand in a speech says if action were not taken in eight days, France would be plunged into a financial catastrophe.