FRANC DEBACLE

Northern Advocate, 22 February 1926, Page 5

FRANC DEBACLE

PRECARIOUS FINANCE FAILURE TO OBTAIN CASH, PRECIPITATING A CRISIS. (Received 11.33 a.m.), PARIS, February 21. After a slight recovery the franc resumed its steady downward course yesterday morning, though there was no panic. It seems that the movement is not due to speculation, but mainly to the j j trade position. Once again the French are the principal sellers of francs. Many counted on a rise, following on the appointment of M. Doumer as Finance Minister and M, jßercneger as Ambassador to Washington, and accordingly preferred to postpone as long as possible purchases of foreign currency for trade settlements, but they wore disappointed. The outlook is still unpromising. The Government is bound to have the greatest difficulty in getting its financial measures put through both j Chambers, which are completely at j loggerheads, and failure to obtain 1 cash will certainly entail fresh in-1 i flatiou. j 1 French investors are tending more ! {and more to buy foreign securities, which involves an exodus of foreign capital abroad.—Reuter. TALK OF REVOLUTION. j COMPLICATIONS INCREASE. j (Received 11.50 a.m.) | LONDON, February 20. i The Paris correspondent of the “ Sun- j day Express” states: "It is significant! that certain newspapers now openly mention the possibility of a revolution. A crisis of the gravest nature is bound to ensue if the Senate arid Chamber conflict over M. Doumer's finance proposals. There is no politician prepared' to face the country and tell France | that there must be further inflation, [but every thinking man feels that the • printing presses must be set to work again before France is extricated from. her desperate plight.”—Retuer. ■ ,