Word: franc
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Dates: during 1950-1959
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...Henry Farman, 84, Englishman who became one of the first flying Frenchmen (99 ft. in 1907), champion cyclist, auto racer, painter, planemaker, first man to fly a heavier-than-air machine over New York City (1908); of a heart ailment; in Paris. In 1908 Farman won the 50,000-franc Deutsch-Archdeacon Prize by flying (in a closed circle) the first kilometer-in-air over Europe, nine months later made the first city-to-city flight, a hop of 17 miles from Chålons-sur-Marne to Reims. One of the first designers to utilize such basic devices...
...time to bring out all the old jokes, time for some radio clown to pose the 75 million-franc question: "Name all the French Premiers since 1947," and for the cocktail-party gag, "Do you think the Algerians will get a government before we do?" Some Frenchmen, it is true, seem to regard the crisis as the next-to-last straw. Thunders Editor Pierre Brisson in Figaro: "It is no longer a Parliament, but a monstrous jamming enterprise. The conclusion is to reform or disappear. The margin for the Assembly is only a thread's width." But, unhappily...
...other countries in Europe. But massive outlays for supplies abroad, plus the war in Algeria, plus openhanded spending under Guy Mollet's Socialist government at home, reduced gold and hard-money reserves to an untouchable minimum. Overbuying of raw materials last year and speculation against the franc helped put foreign trade out of balance by $1.4 billion...
When Gaillard, then Finance Minister, devalued the franc last summer, pressure eased. As Premier he courageously curbed credit and imports, decreased the subsidies that are the bane of the French economy. Understood in last week's aid agreement was his pledge to hold his tough line, keeping 1958's budget deficit to a "manageable" $1.4 billion, and the trade deficit around $400 million. By 1959 Gaillard expects the retooled economy to stand on its own with the world. Since last December it has been doing just that. Exports, including such invisible factors as tourism, exceeded imports...
...price order is intended to adjust certain artificial prices after last August's partial devaluation of the franc. The new policy is being called "Operation Truth...