FRENCH POLITICS

Hokitika Guardian, 21 July 1926, Page 2

FRENCH POLITICS

| Australian & N.Z. Cable Association.! ’ FRANC COLLAPSES. PARIS, July 20. Cordjons of Police were stationed round the Bourse, tiie banks and the exchange offices to-day, to restrain the crowds who were threatening to storm the buildings, seeking information regarding the fluctuation of the franc. . ” The "fall of the franc feverishly agitated the Bourse. The brokers were besieged and were unable to cope with the orders to sell foreign stocks, leading to the suggestion that business will possibly be suspended to-morrow. PARIS BOURSE UPSET. PARIS, July 20.

The Paris Bourse, guarded by police, witnessed its stormiest day since the declaration of the war. There was a great crowd outside, who received the figures of the franc’s fall with veritable howls of rage and disguest.

Men, and woman 'too, with haggard faces, rushed hither and thither, some wringing their hands and uttering forebodings of ruin. As soon as the banks opened this morning, many started selling everything they possessed in the way of French holdings. They had decided to save remnants of their fortunes by converting them into sterling. The result, as may be expected, was that the franc slumped heavily. The English and other foreign hanks were crowded early in the afternoon. The fever spread to the cafes, where the slump of the franc was the sole topic, except among those who sat distractedly, drinkless and unheeded, who were ruined or were antiepating ruin.

NEW MINISTRY ANALYSED. PARIS, July 20. M. I-lerriot is both Premier and Minister of Foreign Affairs. ’ M. Painleve is Minister of War and M. Louelieur is Minister of Commerce. '•Compared with M. Briand’s Cabinet, M. Ileriott’s list as a completely new one, and it contains several littleknown personalities, but it betrays the strongest hid for the Cartelist support in the persons of M. Chautemps (Minitor of the Interior), M. Renoult (Milliter of Marine), If. Bon nett (Minister of Pensions), and M. Dariac (Minister for the Col ones). The members are mainly RadicalSocialist. and arc preponderntely Cnrtellist, though excluding the Socialists who, like M.. Demonzie, favour a capital levy hut who will witli-hold their support pending the development of the Government’s policy. On the other hand, a leaning to the “Centre” is revealed in the choice of M. Painlve and M. Loucheur. The latter is a millionaire, and was largely been responsible for the post-war reconstruction of the devastated regions

PRESS CONDEMNS SELECTION PARIS, July 20.

Judging from the anticipatory newspaper comment, the Herriot Ministry lias opened with most unhappy auspices. The “Journal Dos Dcbats” says: “Whereas France needed a national Government she is only getting a Ministry of national calamity.”

“Lo Temps’ ’declares :—“lnstead of forming a Ministry of National Union for the public salvation, M. Herriot has comnosed a “Cabinet of National Disunion” for the salvage of the ‘Left Cartel.’ ”

“La Temps” predicts a brief span of further convulsions, and says that then the situation will become grave, and thou dramatic.

“La Liberte” expects M. Herriot will meet France’s foreign commitments by further inflation. It adds: “Our unfortunate country does not deserve to suffer such depths of calamity and infamy.”

Even the Paris “Soil',” which supports the Left Cartel, doubts M. Ilerriot’s ability to solve tbe crisis, and it asks what bis programme will be. and how long will he last?

FRENCH FINANCE. LONDON, July 20. The French franc opened at 232.