FRANCE’S POLICY

Manawatu Standard, Volume LVII, Issue 181, 2 July 1937, Page 7

FRANCE’S POLICY

BRITAIN INTERESTED. POSSIBLE EFFECT ON TRADE. NEW IMPORT QUOTAS. (United Press Association—By Electric Telegrapl)—Copyright. I Received July 2, 8.5 a.m. LONDON, July 1.

The possible effects of the devaluation of the franc are eagerly discussed in the city. The Associated Press financial editor finds that industrialists and exporters are more concerned than those engaged in finance. It is considered that the silk and dress goods trades are most likely to be affected. French newspapers as a whole pay tribute to At. Chautempss policy, but some bitterly attack the Senate, pointing out that it gave dictatorial powers to M. Cliautemps winch were leaised to M. Blum. A Paris message states that the new import quotas affect only ten British imports, of which seven are reduced and three increased. TRIPARTITE AGREEMENT. CONTINUANCE AGREED UPON. Received July 2, 9.50 a.m. NEW YORK, July 1. The Secretary of the Treasurer, Mr Henry Morgen than, announced a-fter an all-night conference with British and French Government representatives that an understanding had been readied regarding the continuance of the tripartite agreement. Mr Alorgenthau stressed that there had not been any revisions in the operations of the agreement. The three nations were continuing. to use their stabilisation funds tor the prevention of undue fluctuations in their currencies and the maintenance of their ratio with each other. He added that Belgium, Switzerland and the Netherlands would be informed about the situation. BRITISH CO-OPERATION. MESSATT2 TO M. BONNET. (British Official Wireless.) Received July 2, 1.55 p.m. RUGBY’, J uly 1. Asked in the House of Commons if he hail received any intimation from the French Government concerning their attitude towards the tripartite currency agreement, the Chancellor of the Exchequer (Sir John Simon) stated that iie had been assured that the French Government was anxious to continue in close co-operation with the Governments of the United States and Britain. He had sent a reply to the French Finance Minister (M. Bonnet) stating that Britain looked forward to the continuance of the close co-operation between the British and French Treasuries under the tripartite declaration and hoped that France would soon emerge from her temporary difficulties. .Sir John added that be understood a simila.r message was being sent to M. Bonnet by Mr Morgenthau. BOOM DEVELOPING. EXCITEMENT ON BOURSE. Received July 2, 10.10 a.m. PARIS, July 1. The Bank of France lias fixed the buying price of gold at the equivalent of the exchange rate of 128.75 francs to sterling. The Bourse was thronged for the reopening. The excited scenes were every evidence that a. boom is developing. BANK OF FRANCE. ADVANCE TO THE STATE. PARIS, July 1. The Bank of France has been authorised to make further advances of 15,000,000,000 francs to tile State.