Word: auriolism
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...France all the railroads lose money but the Government, which actually operates only Ouest-Etat and Alsace-Lorraine, pays all the losses. In fact, Finance Minister Vincent Auriol announced last week, France's privately controlled railroads- biggest of which are the Paris-Lyons- Mediterranee, Paris-Orleans, Est, Midi and Nord-have a joint capital of only 8,000,000,000 francs (about $352,000,000) but already owe the State 25,000,000,000 (about $1,100,000,000). Only way to clean up this mess, he said, was for the Government to take over every mile of track...
...Paris the social reforms, devaluation and so-called "New Deal" introduced by Socialist Premier Leon Blum were giving his Cabinet racking headaches last week, for Finance Minister Vincent Auriol was spectacularly running short of cash, so short that with much trepidation he was getting up his nerve to launch a 10½ billion franc (about $480,000,000) Government loan...
Like the Roosevelt New Dealers, who are loudly praised by Premier Blum on frequent public occasions, the present French coalition of Communists, Socialists and Radical-Socialists take a confident view of themselves as much holier than Mammon, and Finance Minister Auriol has a habit of alternating blandishments and threats to thrifty Frenchmen who< are comfortably off. Only a few months ago M. Auriol tricked investors by bringing out a "baby bond issue" with gushing Socialist appeals to French proletarians to buy, then devalued the franc in which these bonds are repayable 40% (TIME, Oct. 5). By last week the upping...
...persecution of gold hoarders was dropped; they were enabled, without giving even their names, to get full value for their gold at the Bank of France (i. e., a "40% profit" in devalued francs) and to buy bonds payable in francs, dollars or sterling upon demand; finally Finance Minister Auriol inspired confidence by giving up his stranglehold on the French currency exchange control fund and this will be managed by a new committee, one of which is Professor Charles Rist, long-time Bank of France executive and about as radical as Virginia's Carter Glass. In his speech Premier...
...July 1914 a French Government loan of 5,700,000,000 present-day francs at 31% was oversubscribed 40 times on the first day. Last week 5,000,000,000 francs of the new loan at 4 1/2 were subscribed within eight hours. Delighted MM. Blum & Auriol four days later offered another 2,500,000,000 chunk of their 10,500,000,000 issue, "the largest peacetime loan in the history of France," and the French Parliament prepared to adjourn over Easter with broad smiles...