DICTATORSHIP

Grey River Argus, 29 May 1935, Page 5

DICTATORSHIP

TO SAVE FRANC FRENCH FEELING Against Devaluation RADICAL RETRENCHMENT. (Aus. and N.Z. (’able Assn.) FARIS, Alay 27. Cabinet agreed to a Bill] conferring on Hie Governmen| plenary powers t<deal with the economic and financial situation. (Received May 28 at 11.15 p.m.) PARTS, Alay 28. 'rhe crucial meeting at which the Cabinet agreed on a Bill to give the Government dictatorial powers to deal with the currency and economic situation, lasted for three and a-half hours. AT. Germain Alartin expounded Hit 1 dictatorship plan. The Bill agreed on merely states that the Government shall be authorised until December 2! next to enforce, by decree, all measures that arc requisite for the defence of the currency ami for an economic restoration. The Bill will be introduced in the Chamber of Deputies to-day. Only one deputy will be allowed to speak, and he will be one belonging to the Government. It is hoped that AT. Flaudin, the Prime Alinister, will bo sufficiently recovered from his recent accident to defend the Bill personally on Friday. Al. Martin announced that lhe Republican Democratic Grouj» in the Chamber would sujiport the Bill. 11 is reported that Al. Herriot (Socialist leader) has somewhat qualified his support. Alany experts consider that the Chamber of Deputies wil! not dare to provoke such a crisis as the rejection of the Bill would cause. Aloreover, the large Rentier class strongly oppose the devaluation of the franc, they fearing a reduction in the value of their savings. The technical position of the Bank of France, with its gold reserve still over one thousand millions sterling, ?s verv strong. LONDONi, Alay 27. “The 'Times’s’’ Paris correspondent says: 'The Cabinet agreement was complete, members, accepting after a bard strugglq. AT. Germain Martin’s demand for severe economies. Further reforms will be brought within 'the Government’s scope. The Government is expected to make a supremo effort to balance the budget without devajuattion and also to stabilise currencies. A more confident atmosphere prevailed thi?’ evening. Financial experts defiantly declare that the Bank of France can protect the franc against speciila'tion, whet hoi the Government .likes it or not.

Rush to Buy Gold BY PARIS PUBLIC. INGOTS SOLD BY BANK. (Received Mav 28 at 9.20 p.m.) LONDON, Alay 28. The “News-Chronicle’s” Paris correspondent says; Nervousness on the part of the public resulted in lhe forming of a queue, armed with suitcases and handbags in the Cash Sales Department of the Bank "f France, where there was an extra staff in attendance. Gold hoarders were permitted to buy ingots of gold weighing twentyfive- pounds, of a value ot .52 2860. The gold ingots were handed over the counter like cheese. One man carried his purchase off wrapped in a piece ot newspaper, from the end of which the. gold protruded. Gold for U.S.A. LEAVING FRANCE. (Received May 28 at 7.40 p.m.) LONDON, May 28. The new liner “Normandie” will carry bullion valued at four millions sterling on her maiden voyage to New York on Wednesday. Consequently, high rates are being quoted for reinsurances at Lloyds.