THE CURRENCY COLLAPSE.

Wairarapa Age, 22 July 1926, Page 5

THE CURRENCY COLLAPSE.

SOCIAL UPHEAVAL. FEARED. (Received Wednesday, 7.20 p.m.) PARIS, July/ 20.—T the situation resulting from the collapp® of the franc has passed the stage of. mere economies, revealing a political situation of the most dangerous typepsach as might prelude a social upheaval. M. Harriot's Government has completely failed to inspire confidence* Optimists say it may last a week); On the Bourse many speculators are frantically selling stocks in order to buy shares which are independent of the value of thd franc. Already luxury shops are closing down, as trading is impossible in face of the soaring prices* Shopkeepers in Paris are beseeching English and American tourists to pay* them in pounds or dollars—anything rather than francs. On the other hand, many visitors are most unpopular, as their purchases are undaubtedljrp driving up prices. Many Dominion people visiting Paris or French watering places, are suffering inconvenience, but the strongest antipathy is against Americans, who are openly blamed for France’s ills owing to., Washington’s debt policy. There have been some attacks on foreigners im Montmartre cafes. "La Libertesuggests that every foreigner on entering should be compelled to pay a special tax in his own currency. Perhaps: the most significant danger-signal is- the growing panic amongst the peasantry. thus the ignorant peasants inthe Biarritz district refuse l to buy or sell, saying' the franc has fallen thirty points in a single day and it is impossible to foretell the futune. The wildest rumours are being circulated in; the district, including a statement that Marshal Petain has been proclaimed. Dictator. The rumour was denied but. confidence was not restored.—(A. andEN-Z.)