SAVING THE FRANC.

Timaru Herald, Volume CXXIII, 21 December 1925, Page 9

SAVING THE FRANC.

Industrial Loan Proposed. PLAN FAVOURABLY RECOVERED J . By Cable —Press Association —Copyright. Australian ind N.Zi. Cable Association. Received Dec. 20, 5.5 p.m. LONDON, Dec. 18. The Paris correspondent of the "Daily Express” reports that when the President received the Northern Industrialists' scheme, he exclaimed: “At last, for the restoration of the franc by raising an industrial loan there is a gleam of hope for us.” M. Briand was profoundly moved, ‘.nd declared: “What you have proposed is going to strengthen France, ,vith a next force in international dealings.” The initiators of the scheme insist hat it will be a voluntary national effort to save the franc and stave off inflation. It Is French . industry throwing itself into the battle. French financiers are now openly expressing admiration for the German ecision to scrap billions of paper marks and create the ruetenmark, vhich they stigmatised at . the time s the greatest psychological swindle ver perpetrated. The new proposal has had an imnediate effect on sterling exchange. According to the newspaper “Inransigeant,” the Lyons silk trade, and also the metal industry, will join in tlid effort.

IMPORTANT GROUPS PARTICIPATING. PURELY VOLUNTARY EFFORT. By Cable —Press Association —Copyright. Keuter’s Telegrams. Received Dec. 20, 5.5 p.m. PARIS, Dec. 18. - Various Important groups of French industry, including the silk and metal trades adhere, in principle, to the plan of the northern industrialists, who are chiefly textile, and m'ost vulnerable to the fluctuations of the ffanc. ‘ The loan would be a purely voluntary effort, launched especially in America, the proceeds of which would form the sinking fund for the amortization of the Public Debt. It is hoped thus to avoid the necessity for the crushing new taxation proposed by various finance ministers, and to restore confidence .n the future, of French State finance. The.plan has generally been faourably received. : , r FRANC RESPONDS. .—- —*. FURTHER APPRECIATION IN LONDON. By Cable—Press Association —Copyright. Reuter’s Telegrams. Received Dec. 20, 5.5 p.m. LONDON, Dec. 19. In consequence of the French industrialists offer, the franc in Lonjn has furtner appreciated to 125 1, jut subsequently relapsed to 12 6J. LEADERS OF INDUSTRY SUBMIT SCHEME. FRENCH PRESIDENT DELIGHTED. By Cable —Press Association —Copyright. Australian and N.Z. Cable Association PARIS, December 18. The plan whereby the leaders of industry shall come to the rescue m the solution of the financial crisis, has been submitted to President Doumergue by the Nord Industrialists. It is suggested that all French industrialists shall float a ten milliard loan, both at Home and abroad, secured on one-tenth of the business turnover of French industry. President Doumergue was touched by the offer. The plan is already in the early stages of discussion with Ministerial quarters. FRANC RALLIES. INFLUENCED BY GOOD NEWS. By Cable—Press Association —Copyright Australian and N.Z. Cable Association. LONDON,, December 18. The franc closed at 127-2, rallying from 1332. being influenced by the suggested industrial loan.