FINANCE OF FRANCE.

Taranaki Daily News, 10 March 1924, Page 5

FINANCE OF FRANCE.

FRANC FALLING AGAIN. . FURTHER NOTE ISSUE. By Telegraph—Press Assn.—Copyright. Received March 9, 5.5 p.m. London, March 7. Foreign exchange quotations show the Belgian franc at 129 J francs to £1 and the French exchange 113 francs to £l. The French franc touched a fresh low record at 113.75 francs to the £l, and closed to-day at 112.85. The Belgian franc has depreciated to 130}, and closed at 1275. The Paris correspondent of the Daily Chronicle states the fall of the franc is attributed to the Bank of France’s weekly statement revealing an addition of 921 million notes, bringing the currency within two milliards of the limit. The bank officially attributes the increase to end of the month settlement. The newspaper Action Francaise says: “Beware of inflation. France has nothing to do now but to follow the German Republic.” DECLINE IN AMERICA. NEW LOW RECORD. Received March 9, 5.5 p.m. New York, March 7. The French taxation crisis has caused the franc, which has been steadily declining during the week, to reach three and seven tenths cents., constituting a new low record. The uncertainty of continental exchanges is thereby aggravated, affecting the sterling, which has reached 428} after holding steadily at 430 during the first three weeks.

OTHER CURRENCIES DECLINE.

Received March 9, 11.35 p.m. New York, March 8.

The franc continued its downward course, reaching 3'42 cents. Other European currencies are also declining sympathetically, the sterling reaching 425 7-8 cents. Belgian, Italian and Dutch moneys suffered smaller losses. ' Belgian and French francs a year ago were higher than the lire, but, due to Signor Mussolini’s budgetary reform, which is considered one of the outstanding achievements of recent international finance, the lire has steadied. A COMPROMISE REPORTED. NO EXPENDITURE THIS YEAR. Received March 10, 12.55 a.m. London, March 9. It is reported that Cabinet is compromising on the question of the Singapore base, and that there will be no expenditure thereon during 1924.