FRANCE AND GOLD STANDARD

Press, Volume LXIX, Issue 21020, 23 November 1933, Page 11

FRANCE AND GOLD STANDARD

Departure Expected in London BEAR ACCOUNT IN FRANCS (UNITED PRESS ASSOCIATION —BT ELECTRIC TELEGRAPH—COPYRIGHT.) (Received November 22, 8.40 p.m.) LONDON, November 22. The "Daily Express" says that a tremendous bear account has been created in francs in the last few days. The City is so certain that France will abandon the gold standard that a prominent banker said yesterday: "The amount of francs you sell depends upon the amount of money you want to make." It is reported in the City that the French Government is negotiating for another London loan to bolster up the French financial position. This, the newspaper says, is further evidence of weakness, and the loan should be definitely discouraged. The "Daily Herald" says it is estimated that in the last few weeks £ 100,000,000 worth of gold has been brought to London for minting, the payment of debts, or safe custody. Nearly £90,000,000 of this came from France.

BRITISH HOLDINGS OF FRANCS M. BLUM'S STATEMENT Rl'N ON FRENCH GOLD FEARED (Received November 22, 11.1 p.m.) PARIS, November 22. The socialist leader, M. Leon Blum, says that in the last few days Great Britain has bought hundreds of millions of francs to keep the pound at a low level as American refugee capital floods into LondonM. Blum adds that Great Britain can at any time change these great franc holdings into gold, which would be drawn from the Bank of France.