BUYING FRANCS.
FINANCIAL SIDELIGHT. BANKER’S SUIT. LONDON. March 20. The Paris correspondent of Tho Times reports that a case now before the courts .s likely to develop political significance. M. Durnecin, formerly manager of the Hong Kong branch of the F rench Bank, is claiming damages for wrongful dismissal. It is alleged that he was instructed in 1924 to buy dollars with sterling to the extent of £IOO,OOO a day. These instructions caused the franc to slump from 66 to 76 to the pound in two days. It is'believed that M. Durnecms letters pointing out that the transactions inevitably would prejudice the franc were responsible for his dismissal.
The proceedings are receiving very little publicity, becauso five of the largest Paris newspapers are under the bank’s control, but it is likely that the matter will be mentioned in the Chamber of Deputies.
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Bibliographic details
Manawatu Standard, Volume XLVI, Issue 105, 3 April 1926, Page 14
Word Count
142BUYING FRANCS. Manawatu Standard, Volume XLVI, Issue 105, 3 April 1926, Page 14
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