Word: belgae
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Since both the Catholic and Liberal parties have pledged themselves to maintain the belga on gold, Dr. Sap should have been popular among his colleagues. He balanced the budget last month, and, with Foreign Minister Henri Jaspar, rallied all the gold bloc countries to stand together at the Brussels Conference (TIME, Oct. 29). In the end, however, Dr. Sap's economies, imposed on each and every Minister, made him the Cabinet's Simon Legree. When, having already cut civil servants' salaries 24%, Dr. Sap insisted last week that he must cut them 5% more, the Cabinet resigned...
...close to Chicago's Federal Reserve Bank rumored that on Nov. 7 forehanded Count Charles de Broqueville prepared for the crisis of last week by arranging with the U. S. Federal Reserve System to supply up to $25,000,000 of quick credit to resist pressure against the belga. From Washington the Treasury would neither affirm nor deny that a "foreign loan" had been made to Belgium, indicated that if it were so the Bank of Belgium would eventually have to ship gold to cover as much of the quick credit as was used...
That meant that France, Holland, Belgium and Switzerland must rally to a last desperate defense of their gold standards. Their first stand came quickly?when Liege, fourth city of Belgium, suddenly defaulted on its debts. The Government promptly stepped to its aid but pressure on the Belga spread to other gold-bloc currencies, and for the first time in two months the dollar rose to parity with the franc...
...ever determined last week to keep the franc on the gold standard at full present value, but ominous rumblings were heard among France's allies. Decidedly slick was a move proposed in Belgium and favorably discussed among members of the Chamber. While the dollar is cheap and the belga is dear, proposed Deputy Marquet, let the Government borrow enough belgas to pay off Belgian debts in the U. S. at the present attractive discount. Later, if the belga is devalued, the Belgian Government will merely find it that much easier to repay the people from whom it borrowed...
...word bill by the House of Representatives last week caused intense financial excitement abroad. In Paris the dollar slumped below the gold point (25.3562 francs). The Federal Reserve Bank in New York kept telephoning the Bank of France to buy dollars. The guilder, the Swiss franc and the belga soared to year-high values against the dollar...