HARD TIMES.

Ashburton Guardian, Volume XLVII, Issue 10806, 29 December 1926, Page 8

HARD TIMES.

UNEMPLOYMENT IN FRANCE. FRANC RISES TOO RAPIDLY. /Per Press Association —Copyright.) PARIS, December 27. The prevailing hard times, due to the over-rapid recovery of the franc, took much of the joy out of. the Christmas festivities. Most Parisians were unable to afford' the restaurants' high prices, and feasted at home. . The wave of unemployment is beginning to be serious, and French, manufacturers of many lines are unable to meet foreign competition. The wooL factories at Roubaix and Tourcoing are working short time, and a single mill has dismissed 1000 employees, while 2500 shoemakers and 1000 lacemakers are idle. . . The newspapers give prominence to the fact that the Bank -of France is equally willing to buy or sell an unlimited amount of sterling at IMi francs to the £. This is interpreted to mean that the Government is preparing for legal stabilisation at this figure. This is not true, but the Government is anxious to prevent speculation, forcing the franc above 120 to the £. as being detrimental to trade.

STABILISATION OF THE FRANC.

NO IMMEDIATE ACTION. (Received This Day, 11.45 a.m.) PARIS, December 28. The "Echo de Paris" states that the Government does not intend to proceed with the stabilisation of the franc in the near future. Both M. Poincar© and the Governor of the Bank of France consider that the conditions necessary for the success of the operations have not yet been fulfilled.