FRANC'S VALUE
STABILISATION PROPOSAL (Australian Press Association.) (By Cable—Press Assn—Copyright.) PARIS, June 23. The Council of Ministers have approved of Premier Poincare’s measure to stabilise the franc, which has been tabled at a special meeting of the Chamber, preparatory to to-morrow’s debate.
The Bill contains thirteen articles. The all-important figure of the franc’s weight in gold is not yet. included, though the coin must be nine-tenths of fine gold. The Bill abolishes the forced currency established on August 5, 1914.
The Bank of France must assure the convertibility of its notes into gold, with certain limitations, and must maintain a bullion, coin and gold reserve equal to thirty-live per cent, of the notes in circulation. The Bill authorises the minting of 100-franc gold pieces. The Radical Socialist Party have decided to vote for the Franc Stabilisation Bill. Its passage is thus assured. FURTHER PROGRESS PARIS, June 24. The Finance Commission adopted the .Stabilisation Bill by 32 to 1. There were eight abstentions. It is semi-officially announced that the franc will contain 65-5 milligrammes of gold, nineteenths fine, corresponding to sterling parity of 124-21.
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Greymouth Evening Star, 25 June 1928, Page 5
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183FRANC'S VALUE Greymouth Evening Star, 25 June 1928, Page 5
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