FRENCH CURRENCY

Otago Daily Times, Issue 23001, 2 October 1936, Page 7

FRENCH CURRENCY

DEVALUATION OF THE FRANC THE SENATE’S APPROVAL (United Press Association) (By Electric Telegraph—Copyright) PARIS, Sept. 30. The Senate passed the devaluation clauses. CHAMBER READOPTS BILL PARIS, Oct. 1. (Received Oct. 1, at 10 p.m.) The Chamber of Deputies readopted the complete text of the Gold Bill by 351 votes to 217. The Government will probably now make its entire adoption by the Senate a matter of confidence. The Bill will now go back to the Senate, which will meet at 9.30 a.m. j ITALIAN BOURSES ROME, Sept. 30 It is officially announced that the bourses, which were expected to be reopened to-morrow, will remain closed until further orders. DEALINGS IN LONDON LONDON, Sept. 30. A quiet condition prevails on the foreign exchange markets. The latest rates in sterling are On New York, 4.96; Brussels, 29.335; Amsterdam, 9.05; Geneva, 21.555; and Berlin, 12.70. British Government stocks have improved, War Loan 3J per cent, being £ 107 1-26. About 408 bars of gold of an approximate value of £1,150,000, were disposed of to-day at £7 0s 2d per fine ounce. GERMAN CURRENCY BERLIN, Sept. 30 Dr Schacht told the Reichsbank Committee that Germany will not devaluate: “ The reason for the control of the German currency,” he said, “is the burden of debts imposed by the Versailles Treaty and f-.he injustice and difficulties connected with the purchase of raw materials.” He added that Germany was prepared to participate in inter national negotiations aimed at a free economic system, and would be ready to re-examine her attitude should such possibilities be opened by the English, French and Ameii~an Governments. INDIA’S INTENTION SIMLA, Sept. 30 Sir James Grigg (finance member of the Executive Council) says the Government has decided not to lend itself to competitive depreciation of the currency, and intends to maintain the present sterling parity. FRENCH PEOPLE NERVOUS PARIS, Oct. 1 (Received Oct. 2, at 1.15 a.m.) Crowds are queueing up for admission to the Senate and the general public is keyed r to the grave political outlook. The people were rendered more nervous when the authorities began the first of general air raid warning experiments, sirens shrieking throughout the city drowning even th roar of traffic. The Senate met at 9.30 and adjourned for an hour to enable a formula of conciliation to be considered.