SAVED BY FRANCE

Greymouth Evening Star, 14 January 1933, Page 10

SAVED BY FRANCE

MONEY FOR MONTE CARLO France has £lOO,OOO into the empty treasury of Monaco. The windful has caused great pubilation in this tiny principality, an absence of American and English gamblers and, in consequence a general shortage of cash. Monte Ca lo had lost much of its famed fore the French Government decided to extend relief in the form o[ a f retroactive 131,000, 000-tranc ( £104,000 ) payment under a twenty-year-old Customs agreement. , The Government has felt the pinch with the falling off of revenues from the taxation of casinos, hotels, shops, and other tourist attractions. Gambling receipts have declined heavily. Numbers of croupiers and casino employees have been dismissed. Croupiers depend on tips from dinners at their tables, and those who remain at work are none too prosper-

ous. . , AT . The Societie des Bains de Meiwhich controls the great gambling hall and other large undertakings and which provides the ruler. Prince Louis, with a good portion of his income, is confronted with the additional task of filling an enormous new sporting club, which cost millions of francs. The lighting of Monte Carlo is another drain on the local business men. This city, which has such a glamorous reputation throughout the world, is dimly lighted with gas. If it were not for the electric signs of restaurants, hotels, and shops, Monte Carlo would be about as bright as a country village on a Thursday night. The French assistance to the city State, which is based on a yearly indemnity of £30,0.00 under a new arrangement. for sharing taxes, is not a loan. It takes the form of increased payments to Monaco in exchange for Monaco waiving Customs on all French goods entering the principality. France’s generosity is variously ex-, plained. For one thing, she wishes to make some security for the little principality in these days of diminishing revenues, for it is to France’s advantage and prestige that this tourist centre, virtually within its borders, sliall flourish. Furthermore, the system of annual payments from France to Monaco has existed since before the war. As the franc has been revalorised since and its purchasing power lessened, France deems it only equitable to increase the yearly payments and give Monaco a lump sum to cover the "ears since the franc was stabilised. Meanwhile, as Monte Carlo hopes for a return of the gamblers, Dr. Amletto Battisti, Uruguayan baccarat banker at nearby Nice, says he is seeking a spot in some other clime for an “ideal casino.”