FRENCH FINANCE

Otago Daily Times, Issue 23162, 12 April 1937, Page 9

FRENCH FINANCE

POSITION OF "FRANC LIQUIDATION OF GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON Aprii 9. Francs were freely offered at 109 J. A story is current in the city that they will be devalued to 112, and that simultaneously President >io ~- velt will raise the value of the dollar to the legal maximum by modestly cutting the gold jrice to 34.35 dollars a fine ounce, enabling a return to the old sterling parity of 4.86, equivalent to the London price of gold, then around £7 Is. Liquidation >i g-'l shares has almost assumed panic proportions. The largest falls were sustained in companies at present in the development stage Other markets were dull. THE LEGAL LIMIT NO REASON FOR DISQUIET PARIS, April 9. The Minister of Financ (M. Auriol) conferred with the Exchange Equalisation Committee, after which he denied the reports that France would allow the franc to fall below the legal limit of 111. He also denied that modification of the three Powers' agreement was imminent, and declared that there was no reason for disquiet owing to exchange fluctuations, concerning which the Equalisation Fund would take approp»'ate measures.