FINANCIAL POLICY.

Pahiatua Herald, Volume XLIV, Issue 13372, 28 September 1936, Page 6

FINANCIAL POLICY.

FLOW FRANCE WILL ACT. (Received 12.3 ) p.m.) United Press Assn.—By Electric Telegraph—Copyright. PARIS. September 27. A Bill to be introduced in the Chamber of Deputies to-morrow stipulates the compulsory declaration of gold held by companies, and private individuals above 50’ grammes weight and that a tax equal to the increased value of gold will be imposed on all gold holdings. The Bill authorises the Government to reduce taxes on necessary foods in order to avoid an increase in. the cost of living. Another Pill grants an advance of 3.000,000,000 francs te the credit of Foncier for the settlement of tin' mortgage loan. WHY HOLLAND CHANGED. (Received 12.40 p.m.) AMSTERDAM. September 27. The Government has issued a statement that Switzerland’s decision to devalue lias forced the Government to reconsider its attitude and there is new no possibility of maintaining Holland’s moi c tary policy unchanged as she would be the only country in the world on the gold standard amt therefore feels, to the' highest degree the pressure on the exchange rate and the geld reserve. So m. order to avoid being forced off the standard by weakening her gold reserves sire* has decided to place an embargo on its export. RESPONSIBILITY FOR BANK. (Received 12.50 p.m.) PARIS. September 27. The Golid Bill dees not fix the valuc> of the' franc which the Government may decree at between 43 and 49 milligrammes of. gold. Tin porta and exports or any business in gold will be illegal without the authorisation of tin' Bank of France, which will administer tin* equalisation of the fund of £‘100,000,000 under treasury control. SOVIET DENIES C HARGES. (Received 12.50 p.m.) MO SC T7Tv\ September 27. The Foreign Office denies Morgcntliau’s assertion that the- Soviet Batik endeavoured to depreciate sterling. G. G. Yagocia, Internal Commissar supersedes R kov as Communications Commissar and N. L Yezhov succeeds Y a god a.