Word: franc
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...Chamber of Deputies, 425 to 135, rushed the Government Bill through, exempting from Income Tax 7,000,000,000 francs worth of National Defense Bonds, paying 3%, 4%, 41/2%, 5%, according to their term. This action was designed to check sales and help the franc...
...Socialist Deputies, aided by Radicals, fought a 21,000,000 franc subsidy to the Compagnie Générate Transatlantique to construct new liners. A motion for adjournment of the bill was defeated, 316 to 203. The bill dates from 1913, when 7,000,000 francs subsidy was approved by a convention between the Company and the French Government...
...French have not really balanced their budget and have financed deficit after deficit by issuing more internal government notes and bonds. This load of debt, which it was hoped would soon be lightened by the receipt of German reparations, at length became top heavy. Speculators began to sell francs "short" in anticipation of a decline. The conservative investor, to avoid losses, sent his balances abroad, and a "flight of the franc" ensued...
Meanwhile a report got about which caused the franc to rally, at least temporarily. It was said that the Government had secured a credit of $50,000,000 from a group of American bankers headed by J. P. Morgan & Co., that a similar credit had been arranged in London. It was even detailed that the loan was in the form of three-months' notes bearing 6% interest. All banks referred inquiring reporters to J. P. Morgan & Co. J. P. M. & Co. refused to comment. It was pointed out that this might mean either that a loan was in process...
...result of recent War conditions abroad. The several new governments set up by the Treaty of Versailles naturally had to have some standard coin, and have thus 'been the source of several new ones. The Republic of Lavia adopted the "lat," equal to a gold French franc, or 19.3? in U. S. money. The Free State of Danzig chose the "gulden" of about equal value. Lithuania, however, in establishing its new standard coin, the "lit," fixed its value as equal to 10? in U. S. money. Poland beginning Jan. 1, 1924, introduced its new gold standard coin, the "zloty...