Word: franc
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Gold today is valued at close to $30 an ounce in terms of the British pound or the gold franc. This is in anticipation of the devaluation process. If of course the American Government decides to devalue the gold content of the dollar not by a third but by one-half, the price of an ounce of gold would jump to about $40 in terms of the new dollar. Thus the four billions of gold supply would be worth eight billions of dollars and the Government would make a four billion profit...
...present quotations on the dollar in terms of the pound or franc show the dollar to be worth about 66 cents. If devaluation ratifies the existing level, then the total gold profit will be about two billion. It is not known how much the gold hoarders retain, but it is believed they have about $200,000,000 and will make a profit of $100,000,000. The Government will try to take it from them by taxation...
...that it meant no harm to any other nation. In Rome a non-aggression pact with Italy was signed. A guest in the still magnificent English Gothic Morosov Palace (now the Foreign Office guest residence) and there plied with champagne and caviar blini was bulky, friendly Edouard Herriot of France. Holding no government post, Citizen Herriot smiled a great deal and said nothing. All Moscow was convinced that new Franco- Russian trade agreements were brewing, felt that the old problem of the 20 billion ($4,000,000,000) gold franc loan made by France to the Imperial Government, repudiated...
Last week Banker McKenna decided that the time had come to hail loudly Price-Raiser Roosevelt as an example to His Majesty's Government, who continue to keep sterling pegged at a stable rate of exchange in relation to the French gold-standard franc. In his personal organ, the Midland Bank's monthly review, Chairman McKenna minced no words of praise, called "perfectly right'' the President's action in blocking stabilization of the dollar's exchange rate by the London Conference and in shaping U. S. fiscal policy wholly with...
...loophole, in case the Empire countries should eventually desire to embark on Rooseveltian finance, Chancellor Chamberlain, who continued to keep sterling steady against the French franc and other European gold standard currencies last week, inserted in the declaration that "the United Kingdom Government has no commitments to other countries regarding the future management of sterling and retains complete freedom of action in this respect...