Word: bonneted
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Because he is no Jew, Paris cartoonists feel free to take the greatest liberties with M. Bonnet's sharp nose, sketched him last week calling to a secretary at the Finance Ministry: "Come, Mademoiselle, let us have a little method around here. Put the paid bills on the hook!" (see cut). Since he landed, the Ambassador has cut French expenditures by six billion francs ($222,000,000), imposed ten and a half billions in new taxes ($388,500,000), and last week he slapped "on the hook" a new contract with the Bank of France. Under this the Bank...
Still accredited to the White House as French Ambassador is Georges Bonnet, hastily recalled to rehabilitate French finances (TIME, July 5), and today in Paris styled Acting Minister of Finance. "Oh how I would like to have been left at peace in Washington!" exclaimed M. Bonnet last week. He explained that in Paris he has to work all day from 8 a. m. to 10 p. m., enthused: "You Americans certainly know how to live over there in Washington where everything is finished at five in the afternoon and one can have a two hour horseback ride before...
...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-ised to leave untouched three and a half billions ($129,500,000) earmarked to be spent on job-making public works...
Moreover, there were only 20,000,000 paper francs left in the Treasury, said M. Bonnet, and if 400,000,000 francs had not immediately been forthcoming from savings banks. "Treasury payments would have ceased." As to the profits realized by M. Auriol from his devaluation of the franc last year and used by the Treasury to defend its currency, these are exhausted, and M. Bonnet tersely declared: "It is impossible to hold the franc at its present rate...
...precaution against panic, French exchanges had already been closed. In Paris frightened French who wanted to exchange francs for foreign currency were refused, and banks halted exchange operations in francs altogether, except that foreign tourists were sold what they needed. Declared the emergency bill promptly introduced by M. Bonnet and promptly enacted: "Such a situation cannot be prolonged without compromising our financial independence, our military security, our social gains and the economic recovery of France...