IMPROVEMENT IN FRANC

New Zealand Herald, Volume LXII, Issue 18946, 18 February 1925, Page 9

IMPROVEMENT IN FRANC

HERRIOT'S STRONG APPEAL. RETURN TO GOLD STANDARD AN IMPERATIVE NECESSITYBy Telegraph Press Association—Copyright. (Received 11.f, p.m.) Renter. PARIS. Feb. 16. In addressing the Chamber of Deputies to day on the subject of the stability of the franc, the recent fall in tho exchange. rate on which was disquietening, the Premier, M. Herriot, said that in spite of unemployment and an industrial crisis, Britain was returning to the gold standard. France must do the same, cost what it might. The Premier made an impassioned appeal for the discarding of party differences and the re-establishment, of wartime union in the interests of the preservation of a healthy financial situation. He announced the abolition of the system of bordereau de coupons, which was instituted last. year. It was designed to check the evasion of income tax payments on bearer securities, but it had, he said, resulted in the export of capital, owing to resentment against what had been considered inquisitorial methods. M. Herriot enunciated a policy of borrowing on a minimum scale and repaying on a maximum scale. He reiterated his rejection of the capital levy. He foreshadowed tho punishment of fiscal fraud by imprisonment. The Premier's speech was received, with cheers from the Left, and with silence from the Right parties. The exchange rate for tho franc improved to 90.75 to-day. This was attributed to tho belief that M. Herriot would take drastic steps to prevent a further depreciation.