M. REYNAUD

Poverty Bay Herald, Volume LXV, Issue 19825, 30 December 1938, Page 8

M. REYNAUD

FRENCH FINANCE EXPERT APPOINTMENT TO CABINET NO PARTY AIAN NOT ENTIRELY ORTHODOX ■M. Paul. Reynaud, lawyer, business man and financial expert, became Finance 'Minister of France on November 1 last in a slight Cabinet revision, said P. J. Philip in the New York Times. It happened easily enough, and without tanv political crisis. M. Paul Marchandeau, Minister of Finance since. M. Edouard Daladier’s Cabinet was formed, had presented his case for national recovery in a manner that was not acceptable to all his colleagues. Throughout October argument had been going on, and there was an obvious division of opinion between those who sought to treat the problem of recovery from a purely financial standpoint and those who saw .it from the economic viewpoint.

M. Dntadier asked his colleagues to .ake 24 hours to consider the situa.io;:. M. Marchandeau, knowing that he was ’in the minority, offered his resignation. But to keep the Cabinet intact iM. Daladier . asked him to change places with M. Reynaud ana take the Ministry of Justice, and this amicable settlement was made. Not Orthodox M. Reynaud does not belong to the Left and is not regarded bv the Right as orthodox. In the days when France was clinging desperately to the gold standard while the dollar and the pound were enjoying the advantages of devaluation, lie was among the foremost partisans of devaluation. To-day this is no longer so, foi reasons that he explained to the press shortly after he had been confirmee n Mis new past by President Albers Lebrun. ■There was a time," he said, "when the question of devaluation was an actuality, for French prices were too high with respect to world prices. At .hat time I did not hesitate to advocate it. That time has passed. The problem that confronts us is not a monetary one. It is economic and financial." Having iin this way made his position clear and dispelled, in part, it least, the idea that his appointment would mean another devaluation of the 'franc, M. Reynaud said he would take five days to consider the situation. Then, he said, he will act. Knows Ilis Subject There is no doubt that the new Finance Minister liras a thorougn knowledge of his subject. Although he is not entirely orthodox, he is regarded as the man to lead the exceptional effort that the country must make. In politics M. Reynaud belonged to the Right Centre—the Democratic Alliance—until it was somewhat disrupted toy the attitude and acts of its president, M. Pierre-Etienne Flandin, during the Czechoslovak crisis, ana M. Reynaud resigned. At that time be was with the Colonial Minister, M. Georges Mandel, one of the partisans in the Cabinet of a firm front toward Germany, and was reported to have offered his resignation to M. Daladier, who persuaded him to withhold it. Deemed Too Radical Previously When M. Daladier formed his Cabinet if was expected that M. Reynaud would become Finance Minister, but it was decided at that time that the measure lie wished to propose would prove too radical for acceptance by all his colleagues. Hence (he entered ;he 'Cabinet as Minister ol Justice. This in itself was a departure from orthodoxy for one of his party, because the Cabinet was supported by Communist and Socialist votes. He has never been a party man in the strict sense, however, and he explained his position thus: "At a time like this everyone must serve.” Curiously, IM. Reynaud is one ok the few members of the Right who, | while opposed to Communism, regard French association with Russia as desirable, not only for strategical reasons, but also from an economic viewpoint. However, he is realistic in his views as to how France should conduct diplomatic and trade relations with Germany and Italy. M. Reynaud is Deputy for the Paris Second Ward, which embraces the orincioal commercial enterprises of the city.