Word: franc
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...devaluation and so-called "New Deal" introduced by Socialist Premier Leon Blum were giving his Cabinet racking headaches last week, for Finance Minister Vincent Auriol was spectacularly running short of cash, so short that with much trepidation he was getting up his nerve to launch a 10½ billion franc (about $480,000,000) Government loan...
...than Mammon, and Finance Minister Auriol has a habit of alternating blandishments and threats to thrifty Frenchmen who< are comfortably off. Only a few months ago M. Auriol tricked investors by bringing out a "baby bond issue" with gushing Socialist appeals to French proletarians to buy, then devalued the franc in which these bonds are repayable 40% (TIME, Oct. 5). By last week the upping of wages and shortening of hours under the Blum deal had so greatly raised French costs that many a French exporter found himself obliged to quote to overseas clients prices in devalued francs which work...
Since the success of the Devaluation Law is intimately tied up with success in maintaining the franc above the minimum level of 4.3 cents, we all hope that the loan was a success...
...fact that a socialist government was in power. This last was extremely important because the Blum ministry, in accordance with its platform, was dedicated to internal improvements and large expenditures which the French could not afford, and which destroyed faith in the franc...
Harris gave three reasons for the failure of capital to come back to France: (1) The franc was provisionally stabilized at 4.3-4.9 cents and held at 4.6 cents. Speculative opinion was that it would fall to 4.3 cents at least. Hence why buy at 4.6 cents...