Untitled

Hokitika Guardian, 3 August 1926, Page 2

The fear of domination by foreign, hankers, which was expressed during the debato that closed with the fall of the Briand Ministry, has for some time disturbed public opinion in France. Dismissing as fantastic the idea that American and British financiers are endeavouring to imposo upon tho French Government some scheme of Anglo-American finance, the Economist recently explained the attitude of tlio British and American hankers toward this problem. Briefly, they consider the .situation in. France as most serious. They are earnestly desirous of cooperating in any sound plan which the French authorities and the leading French bankers may, present. They feel that tlio situation in France has been allowed to go by default fair too long al'ready. If it had* been taken in hand soon after tho vjir by this time it could, oven with the terrible handicaps which France Ims had to overcome, have been made measurably right. Now, the only thing for the French people to do is to take their situation in hand and lay out a plan for a return to the gold basis, I here is 'no use in .attempting to stabilise an unstable paper currency. To do so seems simply a wastage of good resources, says a northern wiiter. Tf they work out a pi’an for a return to the gold basis so that tlio French citizen and capitalist know that they can always get gold, then confidence will gradually be restored and the flight from the franc be arrested. Charity begins at home. So does confidence. British and American hankers cannot establish confidence in their own markets as to the French prospects so long as_ French citizens show entire lack ol confidence. In France to-day co-opera-tion between the authorities and the hanks, including the B'mk of I'ranee is the corner-stone of any programme that may he laid out. If such co-operation is arranged, and the • Government shows 11sol I able to cope with the . situation, foreign cooperation will not be slow to come forward.