TO STABILISE FRANC
POINCARE BILL APPROVED FINANCES OF FRANCE fUnited P.A.—By Telegraph—CopyrightJ (Australian P.A. — United, Service) PARIS. Sunday. The Finance Commission adopted the Franc Stabilisation Bill by 32 votes to one. Eight members abstained from voting. It is semi-officially announced that the new franc will contain 65.5 milligrammes of gold, nine-tenths being fine gold. This will be equivalent to 124.21 francs to the pound sterling. The measure contains 13 articles. The Bill provides for the abolition of forced currency established on August 5, 1914. Under the terms of the Bill the Bank of France must assure the convertibility of its notes into gold, with certain limitations, and must maintain bullion, coin and gold reserves equal to 35 per cent, of the notes in circulation. The Bill also provides for authorising the minting of 100-franc gold Pieces. The Radical-Socialist Party decided to vote for the measure.
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Bibliographic details
Sun (Auckland), Volume II, Issue 389, 25 June 1928, Page 9
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145TO STABILISE FRANC Sun (Auckland), Volume II, Issue 389, 25 June 1928, Page 9
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