FRENCH FINANCE

Dominion, Volume 18, Issue 104, 28 January 1924, Page 7

FRENCH FINANCE

GREAT INCREASE IN IMPORTS AND EXPORTS COST OF LIVING ADVANCING By Telegraph—Press Association. Copyright. Rec. January 27, 5.5 p.m.) London, January 26. The “Morning Post’s” Paris correspondent states that returns for 1923 show that France’s imports were valued at 32,614 million francs, an increase of 8684 million francs, compared with 1922, and the exports were valued at 30,431 million francs, an in-' crease of 9052 s millions. The exports of manufactures increased by 3961 million francs to 16,232 millions, and the imports of manufactures increased by 301 J millions to 435 million francs. Tlie imports of raw material increased by 14,044 millions, largely due to the loiv purchasing power of the franc. Meanwhile, the cost of living is advancing by leaps and bounds. Food that cost 100 francs in 1914 costs 354 francs to-day, while clothing has risen to 392 francs, lighting and heating to 350 francs, and other necessities to 400. Rents have only doubled. Exceptionally heavy French purchases of cotton and wool in January, when the exchanges began to soar, make a. further increase in indent figures inevitable.— Aus.-N.Z. Cable Assn. PROPOSALS TO STRENGTHEN THE FRANC DEBATE BEGUN IN CHAMBER Rec. January 27, 5.5 p.m.)' Paris, January 26. The Chamber of Deputies began a discussion of the Government’s proposals to strengthen the franc. It is expected to last ten days. The proposals will be hotly fought. The Left bloc hopes to overthrow the Government, but the latter’s defeat is unlikely. A Government representative declared that the proposals at the outside would mean an increase of 4 per cent, in the cost of living. It is expected that M. Poincare will endeavour to close the general discussion to-dav, in order to make room for a detailed discussion. —Reuter. DEVASTATION SCANDALS ACTION AGAINST A . CONTRACTOR Paris, January 25. Further revelations of the devastation scandals show that a contractor named Frot, claimed compensation in connection with the Canal du Nord, in tho Lens area, which Frot was constructing in 1914. Although he'received four-fifths of the value of the materials used in the canal beforfe. the war. Frot was since allowed an indemnity for the loss of these mateirals. which he assessed at seven times thio prewar value. 'Pliis Frot got 28 million francs, including 215,000 francs for the cost of drawing up a statement of claim, though this was done in his own office without expert assistance. Finally Frot rebought the canal material on exceptionally good terms and resold the material for reconstruction purposes. The Ministry of Works has entered an action against Frot.—Aus.-N.Z. Cable Assn.