EYES ON PARIS

Poverty Bay Herald, Volume LXIII, Issue 19133, 30 September 1936, Page 6

EYES ON PARIS

LONDON STOCK EXCHANGE FRENCH SENATE DEBATE DEFLATION LEGISLATION FRANC NOT YET QUOTED (Elcc. Tel. Conyricht.—T T nitnl Press Assn.) (Eecd. Sept. 30, 2 p.m.) LONDON, Sept, 29. On the London Stock R-xchango the markets were, quieter to-day. Dealings in dollars, though heavy, were lighter than on the previous day. Business began in the newly revalued Swiss franc and Dutch guilder at 21.32£ for the former and'at 9 to 9.1 for the latter.. The French franc cannot, be quoted until the French, legislation is completed. British Government stocks rallied and gold shnrcs are still in demand. The commodity markets were quieter.

A Paris message says that the Finance Committee of the French Senate spent many hours drastically changing the Devaluation Bill. This, as voted in the Chamber, permits the Government to fix the rate of devaluation between 25 and 33 per cent, and the Cabinet to determine the gold content, of the devalued franc .between. 43 and 49 milligrammes of gold. The Senate is reconciled to the. decision, but objects to the 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. It also objects to the requisition of gold.