Word: franc
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Dates: during 1930-1939
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...explanation of the break the war-scare seemed pat, for commodity prices were strong and the currency of an interested power, France, was weak. Yet the 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...
Last week the question of the Belgian Premier's double salary was reopened with a bang. Rexist Degrelle declared that. whether or not the Premier was getting his money, the National Bank of Belgium still carried Paul van Zeeland's 600,000 Belgian franc salary on its books. It was thereupon revealed that at least part of this sum had been quietly pocketed by the bank's Governor Louis Franck and the other directors. Nobody was greatly exercised when Premier van Zeeland belatedly admitted that he had accepted bonuses in 1934 and 1935 when he had left...
...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's gold stocks were revalued more nearly to correspond with the depreciated value...
...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-ised to leave untouched three...
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...