FRANCE’S BORROWINGS

Hawera Star, Volume L, 25 September 1930, Page 9

FRANCE’S BORROWINGS

LATE EDITION

REPAYMENT REFLECTIONS

REDEMPTION OF 1915 RENTES

BRITISH HOLDERS’ CLAIMS

(United Pree3 Association-—By Electric Telegraph Copyright). Received 1.45 p.m. to-day. PARIS, Sept. 24. It is learned from official sources that the French Government, contemplates a large-scale financial operation as soon as conditions are favourable. It is believed it may comprise the re- • demption of part or the whole of the 1915 five per cent, rentes. It belatedly leaked out that in this connection the Government in July received a note from Mr Philip Snowden (Chancellor of the British Exchequer) backing the claims of British holders of rentes issued during the war, amounting to 1,641,000,000 francs, that they, should be paid on a gold basis instead of with stabilised francs, which are worth twopence, compared with tenpence before the war. It is recalled that France unyieldingly insisted on her borrowers repaying on basis; yet she refused the same right to British holders. It is admitted on behalf of British holders of rentes that they have no legal claim, but it is urged that they have a strong moral claim, accentuated by the reflection that had Britain insisted on full payments of the French war debt France would not now be the largest gold-holding country in Europe, with no unemployment, while Britain would not be under such a staggering income tax and would not have such a large number of unemployed.