Word: franc
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Dates: during 1920-1929
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...there was floated a loan to France of $100,000,000 by J. P. Morgan & Co., the First National Bank (Manhattan) and Messrs. Brown Brothers & Co.* According to M. Etienne Clementel, French Minister of Finance, the money is to be applied "to the reduction of the Government's indebtedness to the Bank of France, which will hold and use the proceeds as it may deem wise for the protection and stabilization of the franc. The Government's indebtedness to the Bank has already been materially reduced since the peak of such borrowings, reached...
Morgan Loan. During the past week, the loan made to France at the time of the franc's collapse (TiME, Mar. 17) by John P. Morgan, was renewed for six months...
...choisis is a list of mourners whom the ex-President has requested to attend his funeral: "Jean, Millerand's son; the Unknown Soldier; Maman Canti [canti, name given to profiteering junk-dealers]; Mme. Vichère [composed of vie, life, chère, dear?high cost of living] ; l'Abbesse du Franc [Abbesse means abbess, but it is here a play on the English word abyss; hence, the abyss of the franc, an allusion to the franc's tremendous fall in the Spring (TIME, Mar. 17) when Millerand was President...
Total internal debt: 271,018,000,000 francs or, at present rate of exchange, about $15,500,000,000. The actual value of the internal debt in terms of dollars must, however, be placed at a higher figure. The lower the franc falls the less is the value of the debt; and as the franc is more likely to improve in future, the dollar value of the debt must be figured at from 20 to 25 billions...
...complexity and seriousness of the financial problem which the Government must face is perhaps realized when it is stated that it costs the French people 13,000,000,000 francs (more than half the French budgetary appropriations) to carry the internal debt. The external debt is not as yet being cared for; but were the Government to attempt to meet its interest obligations on foreign debts, the total charges on internal and external indebtedness would swamp the 23,000,000,000 franc budget for this year...