TO TAKE OFFICE

Taranaki Daily News, 1 June 1935, Page 7

TO TAKE OFFICE

M. FERNAND BOUISSON CABINET HASTILY FORMED PROBABILITY OF SUCCESS PROMPT ACTION NEEDED FATE OF FRANC AT STAKE By Telegraph—Press Assn.—Copyright. Rec. 10 pm. London, May 31. M. Albert Lebrun, President ofFrance, dispensing with the traditional consultations with elder statesmen, to-day asked M. Fernand Bouisson, President of the Chamber, to form a Cabinet with the utmost speed to be ready to take office to-day. \ Does the fall of the Government also mean the fall of the franc? is the question exercising everyone’s mind. M. Bouisson has accepted the task of forming a Ministry “of the widest union.” Socialists without reaching a conclusion discussed their attitude to the new Government until after midnight and will meet in the morning. M. Lebrun was conferring with M. Herriot and M. Pietri as late as 3 a.m., after which M. Bouisson was closeted with the ‘Socialist leaders, discussing their participation. M. Bouisson is personally popular and it is believed the Chamber will grant him the full powers which it refused M. Flandin. He hoped that by prompt action the franc may still be saved. All the speakers in the debate yesterday, insisted on the necessity for maintaining the currency at the present gold value. It is announced that certain financial houses have already been sealed with a view to a search for evidence against speculators. M. Flandin was in bed when he signed the note of resignation at 1.25 a.m. M. Albert Lebrun, the President, accepted it and immediately began conversations with-the leaders, with whom he .later dispensed. M. Pierre Laval told the British United Press he did not desire the Prime Ministership but preferred to continue in the Foreign Ministry in order to complete the important negotiations which were, in progress.

Socialists met to decide their attitude in the event of an invitation to'participate in the next Government. To-day is settlement day on the Bourse and the effect of the (Government’s defeat, therefore, is likely to be particularly serious. / . . ■ . ■<; Gold estimated at £3,087,000 was landed at Newhaven from France yesterday. The Bank of France’s loss by Wednesday was estimated at £20,000,000 after six days. ■ ' ' ~ ( The News Chronicle’s ■ Paris correspondend says that as a precaution against speculation the Bourse was closed but it reopened again this morning. • STEADINESS OF MARKET REMARKABLE STABILITY (British Official Wireless.) Rec. 5.5 p.m. Rugby, May 30. Although the French currency crisis and the situation caused by the United States Supreme Court’s decision that the National Recovery Act codes were unconstitutional continue to dominate the financial markets, a remarkable degree of steadiness is displayed on the London ■ Stock Exchange. The setback in' the commodity markets, notably copper and silver, had its effects but generally, although the markets are relatively idle, prices are maintained. British Government stocks are quiet but