Word: franc
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Loud protestations members of the Cabinet of Socialist Premier Leon Blum that they did not expect to have to devalue the franc further were followed last week by a thumping event which firmed the franc on international exchange, showed that London is standing with Paris in friendly entente. The event: British bankers loaned $250,000,000 at 3½%, repayable within one year, to the French State railways. "I categorically deny," keynoted French Finance Minister Vincent Auriol, "that our monetary unit will be permitted to move lower...
...drastic expedient which the Socialist Premier has adopted to dissuade, although it does not prevent, French capitalists from shipping funds abroad in another "flight from the franc" likely to lead to devaluation, is the recent law forcing the French to divulge to their Government whatever funds they have abroad. This they passionately hate, for to the logical French mind it suggests that, once the Government knows what foreign funds its citizens have, the day will come when, under pretext of "emergency," these will be forcibly obtained pour la patrie...
...Paris last week, against a backdrop of grenadine velvet, the Bank of France staged its first meeting since Premier Blum enfranchised the Bank's 40,000 hitherto voteless stockholders. Sole control previously rested in the potent hands of the 200 largest shareholders-"the 200 Families of France" (TIME, May 18, et seq.). With a turn-out of no less than 1,300 excited Parisian and provincial shareholders, the meeting was as raucous as a stormy session of the Chamber of Deputies. It took Governor Emile Labeyrie three hours to get through his scholarly 90-minute report, so often...
Meantime in Wall Street the franc's turn for the worse intensified the current jitters over the outlook for U. S. money rates. Another boost in bank reserve requirements to sop up potential credit had been expected for months. That the move would mean a reversal in the long downward trend of interest rates was by no means a remote possibility, and bond prices accordingly tumbled...
Frenchmen think he looks exactly like Ed Wynn, they are not sure whether he is insane, and they are always ready to read reams about the latest exploit of Hippolyte Marcellin Philibert Besson, the famed "Incredible Philibert" (TIME, Dec. 23). It is incredible but true that in hard-headed France, M. Philibert has got away with printing a fantastic international money which he calls the Europa Franc and which he manages to spend in the shops of his native district of Haute Loire which sent him in 1932 to the Chamber of Deputies. It was not his constituents...