France’s Trade Balance Greatly to the Bad, Warns Prime Minister

Grey River Argus, 20 May 1947, Page 5

France’s Trade Balance Greatly to the Bad, Warns Prime Minister

(Rec. 9.50) PARIS, May 19. The Prime Minister of France, M. Ramadier, speaking at a wine producers’ luncheon, said that France in 1947 would have to import quantities of cereals, but the wine producers could do as much as the wheat producting provinces in the way of bringing foreign currency into France. France’s. imports cost her from eighteen to twenty thousand million francs yearly, while her exports brought in only from ten to twelve thousand million francs. The gold stock of the Bank of France, he said, was dwindling, and this problem was vital. Every time that Franco sought for new credit, it meant that a bit of French international independence went with it. The regime of restriction, however, was a regime from which the country could not pass easily. The Government wanted to return to economic liberty, but they must avoid an increase of wages and of prices. Frenchmen would only avoid a catastrophe by imposing strict self discipline. For France to return immediately to economic liberty would mean bankruptcy. Demands for wage 'rises are being made by various unions, with the support of the-Communist Party.