Word: mayers
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Dates: during 1940-1949
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...very pleasant," said French Finance Minister René Mayer one day last week, "to cooperate with a man who has as sane ideas as Sir Stafford Cripps." Nonetheless, he was not taking all Sir Stafford's ideas. This week, despite Crippsian objections, the French devalued the franc in a way that, Cripps thought, threatened the pound...
...real value was closer to 340 to the dollar), the French were losing too much world business. If people with dollars could get more francs with them, they could buy more of what France had to sell, from cognac to Citroens. Also, by offering more francs for a dollar, Mayer hoped to lure out of hiding hoards of gold and dollars, valued at hundreds of millions...
...British were horrified. The Mayer plan had involved open currency trading in Paris-with the value of dollars, francs and pounds sterling jibbing this way & that as might be determined by the open market. This reminded the British of something they did not like to think about: that the pound sterling, artificially pegged at $4, would sell at $3 or less in a free market...
After long talks, Rene Mayer made one concession in the final plan he announced at week's end: France would permit no open trading in the pound. But it still might be possible for dollar-holders (e.g., U.S. traders who import from Britain) to buy francs on the open market, use them to get sterling credit at the official rate through a French agent-in effect, getting a pound for about $3. The British feared that dollars would be diverted from Britain to France, that Britain's booming export trade would bring in fewer dollars than Cripps...
Divorced. David Oliver Selznick, 45, Hollywood producer (Gone With the Wind); by Irene Mayer Selznick, 39, Broadway producer (A Streetcar Named Desire), younger daughter of Hollywood Producer Louis B. (MGM) Mayer; after 17 years of marriage, two sons, 2½ years' separation; in Los Angeles...