STABILISING THE FRANC
M. POINCARE'S SPEECH
(By Electrlo Telegraph—Copyright) (A.P.A. and "Sun")
PARIS, 4th February. M. Poincare's speech to-day is regarded as satisfying as well as pacifying. Its chief points are that there will be no immediate need for treasury .loan operations, as note circulation is normal and relations between the Government and banks are satisfactory. There will be no stabilisation of the franc before the general elections and no compulsory consolidation of the floating debt by means of a capital levy. M. Poincare showed himself' strongly in favour of further revalorisation, consequently stabilising at less than 125 francs to the pound, which was generally considered as the " ' rate. He emphasised that the process must be carried out with a minimum of. injustice and danger. Even the present figure presented enormous difficulties. He expressed the opinion emphatically that the hour of legal stabilisation had not yet struck. When it did the Government would submit a bill. His statements caused a sensation on the Bourse, and a fall in prices, which later rallied.
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Bibliographic details
Nelson Evening Mail, Volume LXI, 6 February 1928, Page 5
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172STABILISING THE FRANC Nelson Evening Mail, Volume LXI, 6 February 1928, Page 5
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