THE FRENCH FRANC

Dominion, Volume 21, Issue 223, 21 June 1928, Page 9

THE FRENCH FRANC

STABILISATION SCHEME LEGISLATION DURING WEEK-END BEFORE WORLD’S EXCHANGES. REOPEN (United Press Association.—By Electric ' Telegraph.—Copyright.) « (Australian Press Assn.—United Service.) Paris, .June 19. The Council of Minister; reveals that the stabilisation of the franc will probably be accomplished on Sunday. (Rec. June 20, 9.30 p.m.) Paris, June 20. The money markets of the world will open on Monday to find the stabilisation of the franc an accomplished fact. The procedure will be as follows: —M. Poincare will on Saturday afternoon disclose the figure to the Cabinet and will read a new convention with the Bank of France and the text of the necessary legislative measure, after which the Chamber of Deputies will receive the proposals, which will be referred to the Finance Commission for report. The debate in the Chamber will not begin until 9 o'clock in the evening, after the closing of the New York Stock Exchange, at midday American time. An all-night sitting is predicted, and Parliament, if necessary, will sit on Sunday, as it is essentia] to the success oi’ the plan that the full details should appear in the official journal on Monday morning, before the Stock Exchanges of the world reopen, and thus prevent speculation, involving colossal sums. I PROBABLE EFFECT ON POLITICS (Rec. June 20, 7.15 p.m.) London, June 20. The “Morning Post’s” Paris correspondent states that the new franc rate is likely to be 124.48 to the pound sterling, which means that 153 coins may be manufactured from a kilo of gold. The “Daily Telegraph” states that it is problematical whether the Right and Radical Socialists will long consent to co-operate after the stabilisation, owing to M. Poincare’s recent Ministerial appointments favouring the Left.