FRENCH BILL

New Zealand Herald, Volume LXXIII, Issue 22538, 1 October 1936, Page 11

FRENCH BILL

ADOPTION BY CHAMBEE OPPOSITION IN SENATE DRASTIC ALTERATIONS By Telegraph—Press Association—Copyright LONDON, Sept. 'JO The Prime Minister of France, M. Blum, intervened in the debate in the Chamber of Deputies on the Gold Bill, and pointed out that they were discussing "un fait accompli." Even if the Chamber voted against the measure and threw out the Government it could not go back on what had been done. An amendment to modify tlio sliding scale of wages adjustment was adopted by 335 votes to 199. The bill was finally adopted by 350 votes to 221.

The Finance Committee of the Senate spent many hours drastically changing the bill. As passed by the Chamber it permitted the Government to fix the rate of the devaluation of the franc between 25 and 33 per cent, the Cabinet to determine the gold content of the devalued franc between 43 and 49 milligrammes of gold.

The Senate has become reconciled to this, but objects to a clause investing the Government with full powers to regulate prices which was substituted for the sliding scale clause. The Senate regards the new clause as the thin end of the wedge of dictatorship, and also objects to the requisition of gold. LONDON MARKETS FOREIGN EXCHANGES GUILDER AND SWISS FRANC (Recoived September 30, 5.5 p.m.) LONDON, Sept. 29 On the London Stock Exchange today, the markets were quieter. On the foreign exchange market, dealings in dollars, though heavy, were lighter than on the previous day. Business began in the newly devalued Swiss franc at 21.46, compared with 15.48 yesterday, and in the Dutch guilder at 8.86, compared with 7.46 J. French francs will not be quoted until the Government'is bill is passed. British Government stocks rallied and gold shares were still in demand. The commodity markets were quieter. HOLLAND'S CURRENCY GOLD VALUE NOT FIXED CONFUSION IN MARKET AMSTERDAM, Sept. 20 The Netherlands Prime Minister, Dr. Colijn, announced in Parliament to-day that, owing to the confusion in the international money market, the Government does not intend to fix the gold value of the new guilder. Depreciation is expected to an extent that cannot be foreseen at present. MONETARY PACT READJUSTED CURRENCIES LONDON FAVOURS MOVE British Wiireless RUGBY, Bept. 29 The favourable impression made by the announcement of the devaluation of the franc and the monetary agreement between Britain, America and France continues. In political circles the proposals for currency readjustments are welcomed. On the London Stock Exchange there is a tendency to mark time, and values in some sections to-day displayed 6ome irregularity, but prices generally were well maintained. The weakest market yesterday, as was expected, was the gilt-edged and other fixed interest-bearing securities. The record of to-day's gold dealings shows that 503 bars, of an approximate value of £1,410,000, were disposed of.

SWISS MEASURES PARLIAMENT'S APPROVAL (Received September 30, 6.5 p.m.) BERNE, Sept. CO The Lower Chamber of the Swiss Parliament by 99 votes to 60, approved the Government's action in devaluing the Swissi franc and imposing a temporary gold embargo.