THE FINANCE PANIC

Ashburton Guardian, Volume XLIV, Issue 10066, 12 March 1924, Page 5

THE FINANCE PANIC

GAMBLING AS A.REMEDY.

REC K LESS. FREN C H -SC HEM E.

A LOTTERY FOR- MILLIONS. (Per Press Association —Copyright.) .{Received this day, 9-4! a.m.) .PARIS, March 11. - With a .view of checking the franc s downward course, “La Journal suggested a means -of . removing the bulk of the French floating - debt the creation of 660 .milliard lottery .bonds, redeemable in half a century, bearing per cent, .interest, with which to redeem the Treasury National Defence Bonds now bearing -8 per cent thus effecting ;an annual savings of 1150 umilian franos. It suggests ithat one or the prizes in the lottery’.bonds should he 100 .million frfincs yearly, and another should be a million francs daily. (Received .this day, 9.5 a.m.) PARIS, March 11Cabinet approved of .measures for restoration of .the .franc. M. Poincare .will make the passage of the taxation Bills now before the Senate without essential modification a question of (confidence. The (debate will begin on Thursday and conclude on Saturday.

INSURANCE .AGAINST SLUMP. t QUOTATION AT LLOYD?fi. {Received this day, .9.5 a.m.) LONDON, March H. The insurance market .is charging forty guineas per cent .against -the risk of the franc reaching .200 before January.

IMPATIENCE IN PARIS, PARIS, March 11. The Senate Committee defiantly rejected more .of M. Poincare’s .financial reforms, including abolition »f the match monopoly.

MARKETS STILL NERVY.

FRENCH EXERTIONS.

LONDON, March 10. Nervousness and weakness continued to characterise the exchange .mar-, ko"t The French franc improved to 113.75 but fell back to the low record level ol 119.50. -,/y- oru! The Belgian franc rose to 127 and closed at 138.59. , „, fin Spanish pesetas are quoted at but sterling receded to 4.26 J dollars. London newspapers give prominence to the prospect of the conflict between the Senate and M. Poincare, resulting in the Senate’s, capitulation over the financial proposals, or the Premier s resignation before the week-end. ' It is understood that the Senate s Finance Committee will be unable to recommend acceptance of the full proposals. It accepts an increase m the price of tobacco, but refnses the suppression of the match monopoly, it accepts an increase in : fines for nonpayment of taxes, but refuses a reAuction for prompt payment. On the contrary, it has inserted a clause adding 6 per cent to all taxes unpaid within the legal period, and a further 2 per cent on all taxes unpaid within three months.