Word: reynaud
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...Reynaud's basic argument for France's having closest economic collaboration from Britain and the support of her banking system and gold reserve was that France has called to the colors five men to Britain's one. While she holds the Maginot Line, Britain should protect the inner front. M. Reynaud and Sir John also agreed that just because there is a war going on-especially a standstill war where the real fighting is economic, by blockade and the capture of Germany's export markets-is no reason why business and commerce should not go ahead...
First fruit of the Reynaud-Simon agreement was resumption, last week, of telephone service for businessmen between London and Paris. Next fruit: restoration of regular mail schedules...
Another immediate result of the Reynaud-Simon performance was a bullish flurry on the Paris Bourse and the London Stock Exchange, where business-as-usual is the rule, and transactions now, though smaller than normal, are in larger volume than just before war broke...
Last week French Finance Minister Paul Reynaud presented his first wartime budget. It was for a year and it was balanced all right, but the joker in it was that it covered only civil and not military costs. These were huge enough-79,000,000,000 francs ($1,746,000,000), or an increase of $500,000,000 over last year's ordinary expenses. A few items which might possibly be called military costs were included: $309,400,000 for the relief of families of mobilized men, $55,250,000 for refugees from the war zones...
Although M. Reynaud is known to believe in a "pay-as-you-go" policy as far as possible in this war, the real story of French war finances was not to be revealed until the Finance Minister presents the military budget, which will be drawn up every three months. Meanwhile, to defray the increased costs, both civilian and military, taxes went up. The so-called extraordinary income tax was raised from 2% to 5% on low incomes and to 15% on incomes above $155 monthly earned by male noncombatants of military age. Other new taxes included the upping of postal...