Word: france
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...First, we have stabilized our currency at a rate favorable to our productive industry [one Belgian franc: 3?]. Second, our industrialists not only completely modernized their processes but declined to yield to the clamor for higher dividends and instead built up reserves. Third, a large part of Belgian industry remained in the hands of small, individual owners and families who with amazing suppleness adapted themselves to changing conditions. Fourth, Belgian industry did not make the mistake of overexpanding...
...France preparing a grandstand play to show the power of the French franc by causing a great withdrawal of gold from New York? Unlike the drain on the Bank of England it could be nothing but a grandstand play for the U. S. has still twice as much gold in its vaults as France. Still, the moral effect of the move would be great...
...Wall Street bankers suggested a more charitable explanation. At the time the French franc was in danger the French Government passed an emergency law putting a tax of 1% on cash balances held outside France. The law is still in effect though the reason for it has passed. Conversion of the bills into cash and the cash into gold (which does not pay the tax) might just possibly be part of a move to have this old law annulled...
Count Stephen Bethlen de Bethlen has been continuously Prime Minister longer than anyone else now living: ten years. In that time he has kept Hungary from Communism, weathered the franc-forging scandal which embroiled many of the country's leading personages (TIME, Jan. 18, 1926 et seq.), kept France and her Little Entente (Czechoslovakia, Jugoslavia, Rumania) at bay; made an alliance with Dictator Mussolini, signed treaties of friendship or arbitration with Austria, Turkey, Switzerland, the United States. Last week correspondents realized that Count Bethlen's rule was seriously threatened. The German crash and the general European situation...
...Corsair's second this year. He laughed when asked if he had hurried to participate in the London Conference, said he would spend a few weeks at Wall Hall, his Hertfordshire estate, shoot a few grouse in Scotland. In 1926 a Morgan loan helped save the French franc from collapsing. In 1925 a Morgan bond issue of $100,000,000 helped pull Italy from grave financial difficulties. Four months ago a $60,000,000 international loan, engineered by Morgan, was offered to Royalist Spain to bolster the peseta. The House of Morgan underwrote part of the German Government...