PRANCE REDUCES DUTIES

Press, Volume LXXII, Issue 21905, 5 October 1936, Page 9

PRANCE REDUCES DUTIES

Checking Rises In Prices NEW ZEALAND EXCHANGE TAX CANCELLED (UNITED PRESS ASSOCIATION—COPYRIGHT.) (Received October 4, 10.30 p.m.) PARIS, October 3. An official decree cancels from October 10 the compensatory exchange tax on New Zealand and Australian products. The cancellation of the tax is accompanied by decrees limiting the Chinese and Japanese exchange tax to 10 per cent., and reducing the duties On goods not subject to quotas by 20 per cent, in the case of raw materials, 17 per cent, in the case of semi-manufactured goods, and 15 per cent, in the case of manufactures. The duties on quota goods are reduced by 20 per cent. The decrees are designed to check excessive prices. THE NEW FRANC • 1 ORGY OF BUYING IN PARIS RESTRICTED RISES ON THE BOURSE (Received October 4, 7.5 p.m.) PARIS, October 2, The Bourse celebrated the birth of the new franc with an orgy of buying. The week’s quiet was broken when throngs of brokers and clerks, jammed in an inextricable shrieking mass, fought to buy on the rise. The authorities decided to keep the rises between 15 and 20 per cent. Consequently business was almost confined to outside brokers. The market for international stocks soared, EFFECT OP CURRENCY AGREEMENT WORLD-WIDE BENEFITS PREDICTED (BRITISH OmCUL WIRCLJSS.) RUGBY, October 3. At a meeting of the Association of British Chambers of Commerce at Cardiff, Sir Robert Horne referred to the currency agreement between Britain, France, and America. He said: “This arrangement is going to have an effect on the currency systems of the world. It will make it far easier to conduct business. The 1 foundation on which this new system is erected is the fact that these countries have at hand for this operation an immense sum of money by which these exchanges can be regulated. “I look forward in the future, not too remote, to seeing the whole international trade of the world completely revolutionised. I believe that instead of the inflexible regulation of money transactions we shall have a much more elastic method by which the currencies of the world will be stabilised through operation of these exchange funds.” NO DEVALUATION IN HUNGARY (Received October 4, 7.5 p.m.) BUDAPEST, October 2. • The Cabinet has decided not to devalue the pengo.