Word: blum
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...European stockmarkets showed no similar apprehension. Markets in Paris and London declined but never approached a break.* As for the French franc, which sank to 3.53½ cents, lowest since 1926, the logical explanation was the fact that the Chautemps-Bonnet Government has had as little success as the Blum Cabinet in bolstering France's perennial financial position-clearly indicated last week by an inflationary Bank of France statement showing: 1) the highest note circulation in French history and 2) that the Government had once more dipped into central bank reserves...
...fair is in the very centre of Paris, normal city traffic is not interfered with, passes through subterranean tunnels or overhead bridges which completely avoid exposition structures or traffic. . . . Most irrepressibly Parisian novelty shown: a pair of women's patent leather pumps with the tongues representing Leon Blum wearing a red tie, these shoes priced at 1,000 francs ($37.50) the pair and displayed to the public in a bird cage...
Signs were lacking this week that French investors, who sent a reputed 60 billions ($2,220,000,000) of their capital abroad in flight from the Blum Cabinet's radical measures (TIME, July 12), were bringing it home, although undoubtedly they prefer the new Chautemps Cabinet to its predecessor. On international exchange the franc moved down slightly to 27 for $1, its lowest in nearly eleven years. As M. Bonnet continued to work 14-hour days, slashing expenditures and upping revenue in efforts to balance the Extraordinary Budget-he claims to have already balanced the Ordinary Budget-he prom...
...Paris, Mr. & Mrs. Franklin Delano Roosevelt Jr. lunched with French Vice-Premier Leon Blum, Foreign Minister Yvon Delbos...
Then President Lebrun summoned Leon Blum's Chautemps Cabinet to sit as a formal Council of Ministers and approved decrees flashing every ministerial budget save that of the Defense. Upped was France's Defense budget by $411,675,000. Free-spending Emile Labeyrie resigned as governor of the Bank of France. Conservative Vice Governor Pierre Fournier took his place. The Bank revalued its gold stocks up by $299,400,000. U. S. tourists were able to get three centimes less for every dollar they exchanged...