Word: franc
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
...transatlantic and trans-Channel telephone and apparently achieved precisely what the President had derided in 1933. Mr. Morgenthau was of course acting for the President, but at Hyde Park last week Mr. Roosevelt did not actually eat any words, refused absolutely to comment on the reduction of the French franc to a new value at which it was jointly stabilized with the dollar and the pound...
...Paris for months and years the franc has been repeatedly hammered by lack of confidence which has ebbed & flowed like an erratic financial tide. Each time panic was in the air, huge shipments of French gold have been piled aboard transatlantic steamers and trans-Channel planes. Such "flights from the franc" have more than once been at a faster rate than they were last week -but with that obstinacy which is a leading French characteristic, Cabinet after Cabinet in Paris refused to yield and cheat possessors of francs by reducing the value of the money in their hands until...
...Auriol spoke of the Blum Cabinet's intention to safeguard War veterans on pensions and people living off their savings invested in small quantities of French bonds, by introducing legislation to compensate these needy ones for the reduction he proposed to make in the value of the franc. Instead of adopting a violent attitude of cracking down, or one of arousing class against class, M. Auriol pledged: "We shall undertake to reduce inconveniences. The Government wishes to avoid social injustices. It desires to consolidate social peace...
...Finance Minister then read from a separate sheet a statement of what the Blum Cabinet would ask the Chamber and Senate to do with the franc, namely reduce its gold content from that of 65½ milligrams of nine-tenths fineness to a value controlled between 49 and 43 milligrams by a French Treasury stabilization fund of 10,000,000,000 francs in conjunction with the U. S. Treasury and the British Exchequer. In plain English the tourist who has been getting about 15½ francs for his dollar in Paris will get about 21½ francs...
...theory. After all the Moscow comrades who run the Soviet State Bank are in danger of their very lives if they guess wrong on how to handle its assets and up to last week many European economists had guessed-not knowing of the super-secret parleys-that once the franc sank the British would sink their pound even lower to retain .its competitive advantage in world trade. It was perfectly believable that the State Bank comrades had dumped their sterling simply because they had wrongly but honestly guessed that it was too hot for them to hold...