CO-OPERATION IN FINANCE

Waikato Times, Volume 125, Issue 20986, 13 December 1939, Page 9

CO-OPERATION IN FINANCE

ANOTHER ANGLO-FRENCH AGREEMENT

AVOIDING ALTERATIONS IN EXCHANGE RATE UTILISING CURRENCY —NO FRESH RESTRICTIONS (Official Wireless) (Received Dec. 13, 11 a.m.) RUGBY, Dec. 12 The Chancellor of the Exchequer, Sir John Simon, in the House of Commons, said that as a result of recent conversations with the French Minister oi Finance, M. Reynard, a comprehensive agreement has been arrived at between the British and French Treasuries which will secure in the field of finance co-operation which corresponds with that alreday announced at the last meeting of the Supreme Council in other fields of activity. Summarising some of the main features of the agreement, Sir John said: “ It was agreed that it was in the common interest to avoid during the war alterations in the existing rate of exchange between the pound and the franc. “ We further made mutual agreements which will enable each c„_..ilry to cover its requirements for the currency of the < u country and utilise such currency freely as agreed between us without any question between ourselves to find g Thus sterling held by the French monetary authorities will be available for expenditure throughout the sterling area and francs held by the United Kingdom monetary >*n'] ties will be available for expenditure throughout the F.euch Empire. “ Neithe - Government will impose fresh restrictions on imports from tne other country during the war for protective purposes or for exchange reasons. “ The two Governments will share certain items of expenditure incurred in the common cause, such as financial assistance for other countries and the cost of the armed forces of our Polish ally.”

EXCHANGE PROBLEMS AVOIDANCE OF ALTERATIONS ANGLO-FRENCH SOLIDARITY SHARING IN EXPENDITURE (Official Wireless) (Received Dec. 13, 1 p.m.) RUGBY, Dec. 12 In accordance with the AngloFrench agreement announced in the House of Commons by Sir John Simon and under which alterations in the existing official rate of exchange of pound and franc will be avoided, francs required by Britain, including those for the British Expeditionary Force, will be provided against payment in sterling, and the sterling required by France, including that required for purchases of raw materials in the British Empire, will be provided against francs. The question of sharing equitably in the expenses necessitated by the conduct of the war, which the two Governments have to defray in gold and dollars, will be kept under review. The United Kingdom and French Treasuries will have frequent meetings to review the position of the Allied Governments as regards their resources in gold and foreign exchange. The two Governments will maintain contact on their policy regarding prices. In the Common Cause In connection with the decision that the two Governments will share certain items of expenditure in the common cause, it is stated that their contributions will be fixed on a basis which will take due account of the national wealth of each. In general the French contribution will be 40 per cent, and the United Kingdom 60 per cent, of the total. All these arrangements will remain in force till six months after the signature of the Treaty of Peace. Loans and Credits Sir John said that neither Government would raise a foreign loan or credit without agreement with the other and neither would impose fresh restrictions on imports from the other during the war. FRENCH OPINION VAST AND UNPRECEDENTED WHOLE EMPIRE AFFECTED NO DISTRUST OR ANTAGONISM (United Press Assn.—Elec. Tel. copyright) (Received Dec. 13, 1 p.m.) PARIS, Dec. 12 M. Reynaud said the AngloFrench agreement is vast and unprecedented and extends to the whole British Empire. It, is not characterised by the distrust or the more or less disguised antagonism or differences of opinion which have characterised alliances in the past. ISOLATED FLIGHTS CARRIED OUT OVER ENGLAND STATEMENT BY GERMANY (United Press Assn.—Llec. Tel. Copyright) (Received Dec. 13. 11 a,m,) BERLIN, Dec. 12 A Berlin High-Command communique says that isolated reconnaissance flights were carried out ever fr\ginr\fi cn December XX.

SECRET SESSION BRITISH HOUSE OF COMMONS VERY DRASTIC REGULATIONS (United Press Assn.—Elec. Tel. Copyright) (Received Dec. 13, 11.20 a.m.) LONDON, Dec. 12 An Order-in-Council has been published making it “ unlawful for any person, any newspaper, etc., to publish any report or purport to describe the proceedings at the secret session of Parliament.” The secret session of the House of Commons, which will be held tomorrow, has raised a point of Parliamentary privilege, when a Liberal member, Mr J. Dinglefoot, asked the Speaker whether it was a fact that any member who repeated outside, even in a private conversation, anything said in the House during ihe secret session would be 'guilty of a breach of privilege. In reply, citing authorities, the Speaker said a member who so acted would be wilfully disobeying an order of the House, thereby committing a gross breach of privilege and rendering himself liable to such penalties as were within the power of the House to inflict by reprimand, commitment to prison, or in extreme cases expulsion from the House. BRITAIN’S MIGHT GIGANTIC WAR EFFORT MENACE TO EXISTENCE HITLER’S CHALLENGE ACCEPTED (United Prose Assn.—Elec. Tel. Copyright) (Received Dec. 13, noon) LONDON, Dec. 12 Dr. Leslie Burgin, in a speech, said: “By any terms you care to employ the Empire’s war effort is gigantic. Well might Hitler shrink from being at war with the Empire. We are under no illusion and realise that our existence is menaced and threatened. “We take up the challenge. I believe it will be demonstrated that the effort which Britain is making is greater than anything comparable in history. Never has the might of the Empire been greater nor its fighting forces better and more adequately equipped.” THREAT TO HITLER 100 DAYS TO LIVE FUEHRER CAUSED THE WAR (United Press Assn.—Elec. Tel. Copyright) LONDON, Dec. 12 A threat of assassination to Hitler j was broadcast by the German Free- ' dom Station this morning. | The broadcast gave a long repo’t on the League of Nations discussions concerning Finland, and was on the lines that, whatever the League decided to do, it was Hitler who had caused the war. The announcer then addressed Hitler direct and said that, if within 100 days he stopped the war, he would be allowed to leave Germany alive. If he failedto do he would be killed.