DEVALUING THE FRANC

Wanganui Chronicle, Volume 89, Issue 304, 26 December 1945, Page 5

DEVALUING THE FRANC

I RE IX CH GOVERNMENT CLEARS THE WAY. London, Dec. 23. The finance committee of France’s Constituent Assembly, unanimously recommended the ratification of Brotton Woods, thus clearing the way for the devaluation of the franc, says the Associated Press correspondent. A proposal for the devaluation may be submitted to the French Cabinet, to-day. Financial circles are reported to have suggested rates varying from double to treble the existing parity of 200 francs to £l. The Finance Minister, M. Plevin, told the committee that negotiations with lhe United Nations would be undertaken in 1946 to determine how to finance American exports to France now that lend-lease has ended. The Left Wing resistance newspaper “Liberation,” commenting on the proposed devaluation of the franc,

says: "It is certain that the British are insisting on an immediate devaluation." The Communist paper “Humanite,” says: “We have a right, to demand that certain, of our friends do not too much exploit, our present misfortune.” The Radical organ “Ordre” says: "There is no doubt that, strong foreign pressure both official and private is being exorcised to force the French Government to act quickly. The dv Caullist paper “Les Nouvelles” says: ."A single monetary measure cannot Jabili.se the French cost of living. If uriccs continue Io increase won't uarily in Durcliasin.g powei again l»e coini-ironiised within a feyv nionlli.'-. and lhe dollar again prove