FRANC GAMBLE

Southland Times, Issue 25303, 5 June 1935, Page 7

FRANC GAMBLE

SPECULATORS LOSE THE SEQUEL TO HEAVY SELLING “BEARS” CONFOUNDED (United Press Assn.—Telegraph Copyright.) (Rec. 7 p.m.) London, June 4. The Daily Express says that franc gamblers in London and Paris found themselves badly squeezed. They have been “bearing” franco for a fortnight, the selling reaching enormous proportions. The rapidity with which the new French Government was formed and the'inclusion of M. Caillaux, a doughty opponent of devaluation, confounded them, and when they made a wild scramble to buy francs to-day, they came up against the effects of cooperation between the Bank of France and the Bank of England. Francs were not available at the old raty. Pans speculators had to sell shares to meet losses on the franc gamble. The Paris correspondent of the Daily Express understands that Britain and America will be asked at a conference to stabilize the pound and the dollar on the basis of the present parity with the franc. The recovery of rates which began on Friday continued to-day. Most of the Government loans were three and four points up on the day.