FRANCE HARD PRESSED.

New Zealand Herald, Volume LXVIII, Issue 20990, 29 September 1931, Page 9

FRANCE HARD PRESSED.

ADVERSE TRADE BALANCE.

LARGE NUMBER UNEMPLOYED FEARS EXPRESSED FOR FUTURE. By Telegraph—Proas Association—Copyright. PARIS. Sept. '27. In spite of the stability of the franc and the considerable gold reserves the French economic situation might become tragic if Britain's abandonment of the gold standard increased the economic offensive of the over-populated and overnationalised nations against countries with lesser power of production, according (o the Radical-Socialist leader, M. Daladier. Already France, he said, had 1 ..'500,000 persons unemployed, or partially employed. Her adverse trade balance would probably amount to £120,000.000 sterling j at the normal rate of exchange in the | present year, while the Budget would show a heavy deficit, and next year's would be worse. Economic peace could bo realised only by a decline of nationalism in production as well as in politics. BRITISH FUNDS EISE. FOREIGN EXCHANGES BETTER LESS SPECULATIVE BUYING. British Wireless. RUGBY. Sept. 27. When the Stock Exchange was opened for the second Saturday since the recent decision to resume on Saturday morning there was a considerable falling-off in business, and speculative share prices in particular weakened. British Funds had, however, a better market. In the foreign exchange market the ' pound sterling on New York recovered from its early weakness, and improved on Paris. ACTIVITY AT MANCHESTER. REVIVAL IN COTTON' HOPED. ! British Wireless. RUGBY, Sept. -27. The large volume of business transacted on the Manchester Royal Exchange during the week led to the belief that the Lancashire cotton trade is on the eve of a revival. A marked change of tone is also reported from the other industrial centres whose staple trades depend largely on export business. The seasonal improvement customary at this period of the year has so far been very slight, but there are now confident expectations that it will be accelerated.