STABILISATION OF FRANC

Taranaki Daily News, 21 June 1928, Page 9

STABILISATION OF FRANC

ACCOMPLISHMENT MONDAY POINCARE'S SCHEME READY PREVENTING SPECULATION By Telegraph—Press Assn.—Copyright. Australian Press Association. Received June 20, 9.30 p.m. Paris, June 20. The money markets of the world will open on Monday to find the stabilisation of the franc an accomplished fact. M. Poincare will on Saturday afternoon disclose the figures to Cabinet and will read the new convention with tho Bank of France and the text of the necessary legislative measure, after which the Chamber will receive the proposals, which will be referred to tho finance commission for a report. The debate in the Chamber will not begin until nine o’clock in the evening, after the closing of the New York Stock Exchange at mid-day (American time)j An all-night sitting is predicted and Parliament, if necessary, will sit on Sunday as it Is essential to the success of the plan that full details should appear in the official journal on Monday morning before the stock exchanges of the world reopen and thus prevent speculation involving colossal sums. The new franc rate will probably be 124.48 to the £l, which means 153 coins may be manufactured from a kilo of gold, states the Morning Post’s correspondent. It is problematical whether the Right and the Radical Socialists will long£onsent to co-operate after the stabilisation owing to M. Poincare’s recent Ministerial appointments favouring the Left, says the Daily Telegraph.