FLIGHT OF CAPITAL
French Financiers Concerned REICHSMARK DEVALUATION (Received 4, 10.15 a.m./ LONDON, May 3. The City is now wondering whether the franc will much longer withstand the attacks of heavy selling in all securities, especially Government's and Bank of France. The Hight of capital is so marked that French financial circles consider that restrictions on it are probable. Swiss and German currencies are also under fire. The former unaccountably slumped at mid-week, recovering at the week-end. As the Swiss financial situation is improving and the Budget was balance the selling is probably due to operators fearing that if the French francs collapsed the Swiss would follow. Graver fears are entertained concerning Reichsmarks, which are only fictionally on gold. General Goering’s appointment as arbiter of foreign exchange seems to make devaluation inevitable. The City is anxiously awaiting a development of the relations between General Goering and Dr. Schacht, who is known to differ on many points. If Dr. Schacht is sot aside it will gravely undermine the City’s confidence in Germany.
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Bibliographic details
Hawke's Bay Tribune, Volume XXVI, Issue 119, 4 May 1936, Page 7
Word Count
171FLIGHT OF CAPITAL Hawke's Bay Tribune, Volume XXVI, Issue 119, 4 May 1936, Page 7
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