FRENCH FINANCES.

Manawatu Standard, Volume LVI, Issue 102, 31 March 1936, Page 6

FRENCH FINANCES.

In raising- the bank rate to 5 percent. the French Government js following orthodox procedure to defend tne currency and the exchange. Determination has been expressed for some time past to remain on the gold standard, and France i v s one of the very few countries: that adhere to it. In spite of declarations in the past that France’s position is superior to other countries’ the budgetary position still causes concern. Last month negotiations were successfully concluded for the grant of a substantial short-term credit to the French Government by several London banking houses. The sum involved was £46,666,000 and it was granted for three months at three per cent, interest; but as the French Government has the option of renewing it twice it may last_ for nine months. Acute financial embarrassment was responsible for the Government seeking aid in London. In recent years there have befen persistent and growing budgetary deficits, and the Government has been hard pressed to finance its internal requirements. M. Laval’s cuts, instituted nine months ago to assist towards balancing the Budget, are estimated to help to the extent of £106,500,000, but the French Treasury has not yet been able to feel this relief. With tax receipts low early in the year and the financial accommodation required by the Treasury correspondingly high, the Government became faced with an awkward situation just before the elections, and consequently sought the help of British financial institutions. Moreover, it was able to secure money in London at a lower rate of interest than is possible by raising an internal loan. This credit was not required to support the exchange value of the franc, which in February (according to authoritative opinion) was regarded as extremely strong, but was required to finance the Government’s internal commitments. Britain’s help last month was a fitting return for the assistance given by France during the sterling crisis several years ago. The raising of' the bank rate is, however, symtomatic of the franc’s position and its liability to sudden attack by speculators.

Authority to raise a special loan of £30,000 for new works lias been given by the Auckland and Suburban Drainage Board. When the No. 1 Transport Licensing Authority met for the last time in a public sitting at Kaitaia, a pair of running shoes were suspended in the room

Passengers who arrived at Palmerston North by the Union Airways ’plane Kotuku yesterday afternoon were as follow'—From Christchurch: Messrs W. Pourie, D. Hendra and Hanson. Passengers who left for the south in the same air-liner this morning were: — For Blenheim: Mr It. H. Fitzherbert. For Christchurch: Miss K. Wilson. For Dunedin, Mrs Burnard, Mr It. A. Laidlaw.

One of the few survivors of the pioneer missionary family which founded the Kaitaia Mission Station in the thirties of last century, Mr' Alfred Frank Puckey, has died at Auckland, at the age of .78 years. Spending his youth at Thames, he joined the Native Department and became an interpreter in the goldfields Courts. He was as fluent with the Maori tongue as he was with English and did much valuable work as a translator. For many years he was associated with an elder brother, the late Mr E. W. Puckey, judge of the Native Land Court. He was an Anglican Church worker all his life.

A full-sized Maori war canoe, beautifully carved and tufted, passed through some, of the main streets of Wellingtop yesterday, “manned” by a bevy of laughing Maori girls. This was when the famous old canoe Teremoi made what will probably be her last voyage, fYom the carver’s workshop in Sydney Street to the new Dominion Museum on Mount Cook (Buckle Street). Another .canoe shifted was Te Heke Rangatira, an ancient and honourable totara craft, hewn from one log, 48 feet in length add of extreme thickness of hull. This was launched a century ago or more, either on Lake Wairarapa or on the Ruaniahunga River, which flows into that lake.

The housing problem is reported to be acute in Masterton, and considerable difficulty in securing suitable accommodation is frequently experienced by newcomers.

The rehearing ordered by the Minister of Marine (Hon. P. Fraser) into the mishap Raugatira, will open in the Wellington Supreme Court tomorrow. The Chief Justice (Sir Michael Myers) will preside. Excellent progress is being made at the Arapuni power station with extensions to the generator and turbine, but it is unlikely that any of the new plant will be in commission before October or November.

Workmen have completed the construction of a hut for the use of the men to be engaged on the Wliirokino highway deviation. The hut has been built on skide and will be hauled from place to place as work proceeds.

'Although a large party of searchers scoured the district yesterday foi traces of Mr J. G. Cotterill, who has been missing from Fordell since Sunday, no sign of him had been found at a late hour. Grave fears are felt for his safety. Further reductions in charges,, averaging about per cent, and totalling £4500, have been approved by the Poverty Bay Power Board. All lighting charges will be reduced by one half-penny a unit, with a maximum of sd.

The Postmaster-General (Hon. F. Jones) is still “somewhat disappointed” at the amount of correspondence being carried on the newly-inaugurated internal air mail services, for' the total for last week was only 12,446 letters, with a total weight of 4421 b, which, excluding the first-day flights from the calculations, shows a further diminution on the posting for the first week of the service

There appears to be no prospect of a Gaming Amendment Bill dealing with racecourse betting and bookmakers being introduced by the Government this session. When questioned on the subject yesterday the Minister of Internal Affairs (Hon. W. E. Parry) said cryptically: "No measures of any kind will be brought down this session other tljan Bills giving expression to the Government’s policy.” The novel experience of observing two Good ■ Fridays on consecutive days will fall to the lot of passengers and crew of the liner Australia Star during her voyage across the Pacific to Panama, en route to London. The vessel is at present at Wellington. The Australia Star, according to her present schedule, will cross the 180th meridian on the night of Friday, April 10, and her calendar will then be set back a day.

Did the Spanish have contact with the Maoris before the British came to New Zealand? A curious fact suggesting that they may have done so was mentioned by Mr J. W. Shaw at a meeting of the Auckland Historical Society. Among the Maoris of the East Coast, near Gisborne, said Mr Shaw, the name for dog is pero, and that is exactly the Spanish word for dog. “You cannot build anything on that,” Mr Shaw admitted, “but it is interesting to speculate.” That rats have the ability to climb sheer walls was demonstrated during a sitting of the Magistrate’s Court at Christchurch. From its high perch on a rafter, a rat, of average size, decided to pay a visit to the ground. It ran straight down the wall, and in about a quarter of an hour set out for the return 'trip. Unruffled by the legal atmosphere, it made its, "'ay up the wall again. A plaster wall does not offer much of a tooting, but it presented no difficulties to the rat.

Unusual difficulties attended the repairing of the roof of the Palmerston North Y.M.C.A. building, which was severely damaged in the storm at the beginning of last month. Some of the' beams required were of a length unprocurable locally and had to be secured from the Main Trunk area. As a result the roof was unsound for about a month but the repairs have now been* completed and attention given to making the interior spic-and-. span again, consequent on slight damage being done by rainwater. ‘•‘Business conditions in Europe are very much better than people in this part of the world believe,” declared Dr N. Chaldjian, economist and company director, who is a through passenger to Australia on the Maunganui, which arrived at Wellington yesterday. The average person in the Dominions did not realise how the United Kingdom had improved economically and politically. It had definitely assumed absolute leadership in economics and politics. “Things are not as bad as some people aie trying to make oiit. There is no doubt that so far as international trade is concerned Germany is losing ground, chiefly because of the fight put up by Jewish financial interests in America.”

The unpretentious match box has joined the charmed company of Old Masters, Ming vases, okl china, Greek coins, first editions, and postage stamps (writes “Givis” in the Otago Daily Times). That is, match boxes have become the collector’s craze. An ardent Auckland collector has collected no fewer than 22,500 specimens of such things, some of them even prewar. Happy is the man who can beguile the tedium of life with such easy enthusiasms. The correspondent who reports this matchless collection of empty match boxes hails from Mount Eden and the imagination of toiling southerners may piay about with the rival pictures of the Mount and its garden prototype as abodes of abundant and blissful leisure. The ardour of your true collector is the real philosopher’s stone, transmuting into golden hours the nagging moments of the world’s troubles. Taxes and tradesmen’s bills seem far away as he gazes fondly at his ■ Three Poodles, and even Hitler and Mussolini dare not pass the sturdy guard at his door. No respecter of things or of persons is this collecting craze. Many a man has brought joy into his heart by collecting walking-sticks, erecting a whole forest of them, where he may hunt at will, the world forgetting, by the world iorgot. The collector of match boxes is to be most admired of all. No considerations of sordid value enter into his enthusiasm —merely what the Romans ambiguously called a “cacoethes carpendi.” And ho equally sordid considerations of “meura” and “tuum,” for he may nonchalantly borrow, and as nonchalantly pocket, adding to his joy of possession the memories of the personal touch.