French Bank Rate Up Again
ATTEMPT TO REMAIN ON GOLD.
OMINOUS FEATURES OF
SITUATION.
United Pres 3 Association—By Electric Telegraph.— Copyright. Received Sunday, 9.20 p.m. PARIS, March 28.
The bank rate has been raised to 5 per cent, following bear attacks on the franc wh.ch this morning reached gold export point. This is regarded as a further indication of the Government’s intention to remain on the gold standard. The Daily Telegraph’s Paris correspondent says that Government loans have been steadily falling since the occupation of the Rhineland, and in some cases reached new low records. The most ominous figure in the Bank of France’s return is an increase of nearly £14,000,000 in private discounts, indicating withdrawal of deposits, especially in eastern districts, which, however, has ceased. The Daily Telegraph’s city editor says that the French are transferring cash to London, and only official intervention prevented the franc depreciating to a level at which gold would be withdrawn from France, producing fresh rumours of devaluation.
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Manawatu Times, Volume 61, Issue 75, 30 March 1936, Page 6
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164French Bank Rate Up Again Manawatu Times, Volume 61, Issue 75, 30 March 1936, Page 6
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