FRENCH CRISIS
FINANCIAL POWERS M. CHAUTEMPS' QUEST REARMAMENT FACTOR FRANC REACHES LOW LEVEL By Telegraph—Press Association —Copyright LONDON, March 8 A message from Paris states that the French Prime Minister, M. Chautemps," announces that he intends on Thursday to demand full financial powers, which the Senate refused to grant to the former Prime Minister, M. Blum. He said he was prepared to resign if his demands were not granted. The finanacial powers, said M. Chautemps, would bo used to rehabilitate the national economy and to carry out rearmament, which was briefly what tho Cabinet described as "the security programme," on which it was unanimous. Owing to fears of fresh rearmament and borrowing by France, combined with the Interpretation of M. Chautemps' statement that Franco must make further sacrifices as foreshadowing the adoption of a deliberate downward adjustment of tho franc, foreign exchanges wore most unsettled in London to : day. Speculators were again "bearing" francs and tho discount at threo months on francs widened to 51 per cent. Tho rato fell to the record low level of 155 15-16.
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Bibliographic details
New Zealand Herald, Volume LXXV, Issue 22983, 10 March 1938, Page 16
Word Count
178FRENCH CRISIS New Zealand Herald, Volume LXXV, Issue 22983, 10 March 1938, Page 16
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