THE CHINA MAIL, JUNE 30, 1987.
DEVALUATION OF THE FRANC Paris Confesses Inability To Maintain The Rate
APPROVAL OF BRITAIN AND AMERICA SOUGHT TO RATE OF 125 TO POUND
Paris, To-day.
It is understood that the Chautemps Government has requested the assent of London and Wash- ington to allow the franc to drop to 125 to the pound sterling. szept
Both London and Washington have already been informed officially of French inability to main- tain the present level of the franc.
AMERICA PREPARED
TO COOPERATE
ashington, To-day; President Roosevelt and the Belgian Premier, M. Paul van Zeeland yesterday issued a joint statement that the United States is disposed to "co-operate in the "joint work” of rebuilding inter- national trade, solving monetary matters and effecting a reduction in armaments. Reuter.
INTERNATIONAL CHAMBER'S NEW PRESIDENT
Berlin, To-day. Questions of international sup- ply of raw materials and inter- national debts were the chief topics of discussion at the first
tional Chamber of Commerce.
Mr. Kawagoe plenary session of the Interna- Confers In Shanghai
Although M. Chautemps asked for a rate of 125 francs to the pound, some circles in the French Government intimated they would have prefer-hai at 4.30 p.m. yesterday, and in the red a level of 150.
from
It is symptomatic of the gen-day that the gold outflow
to 2,500,000,000 re-France amounted t eral confusion of reports garding the Government's inten-francs from June 23 to June 28, and tions, however, that the Finance to 5,200,000,000 francs from June Minister, M. Georges Ponnet, is 1 to June 22 stated to have told the finance committee that the three main planks in his reforms were:——
An increase of 100,000,000,- 000 francs in the limit of the Bank of France's advances to the State,
Readjustment of taxes, and To allow the franc to find its own level.
M. Bonnet added that he was completely hostile to compulsory conversion of Government securi- ties.
GOVERNMENT SAFE However, the Government is safe and there is no danger of it being overthrown in the Chamber. __
The discussions were opened by the Australian delegate, Mr. A. E. Heath, who said that the crux of the raw material pro- blem was that consumer coun- tries greatly feared restriction or monopolised control of raw material supplies.
Shanghai, To-day. Mr. S. Kawagoe, Japanese Am- bassador to China arrived in Shang-
evening held a conference with the The United States delegate, Japanese naval and military Atta- Charles Brand, speaking on the in- ches to discuss his fresh instruc- fluence exerted on production and tions on Sino-Japanese relations.
prices by control measures, It is stated that Mr. Kawagoe has that the free flow of commodities arranged to meet Mr. Hsu Shik-ying, in international trade made it ab- the Chinese Ambassador to Japan, solutely necessary for maintenance
said
“Thé déficit in the ordinary Bud. / at 4.30 p.m. to-day for an exchange of world peace and business pros-
get was from 6,000,000,000 to 10,000,000,000 francs, and in the extraordinary Budget 8,500,000,- 000 francs.
M. Bonnet is understood to have stated that ready money at the dis- posal of the Government was only 20,000,000 francs and the Govern ment had demanded an advance of urrent 400,000,000 francs to meet expenditure.-Reuter,
most
of views.
and every international or- It is also stated that Mr. Kawagoe ganisation should consider its main will go to Tientsin early next month task to lie in the direction contri- to study conditions in North China
toward preserving before he goes to Kuling to, résume
and improving the power of negotiations with Dr. Wang Chung-world trade, hui, the Chinese I Foreign Minister
Our Own Correspondent.
GERMAN ATTITUDE
The next speaker was Dr. Erau SZECHUEN AFFAIRS delenburg, whose topic: was-Ger many and the raw material prob- lem.
General Ho Ying-ching's Appointment
Nanking, To-day. At the weekly meeting of the Executive Yuan yesterday, it was
No big industrial counti he said found itself placed position of greater uncertainty with regard to the raw material question than Germany
MONEY FOR TOURISTS
Paris, To-day. Although the Bank of France has temporarily suspended all foreign exchange transactions, provision has been made for foreign tourists who I decided to appoint General Ho Ying- For this reason, German interest The Socialists, after a meeting can obtain sufficient funds for perching, War Minister, as Chairman in the new ordering of the world which lasted an hour, unanimously sonal necessities at Monday's mar- of the Szechuen and Sihan Military was concentrated to a large degree
Affairs 8 Readjustment Committee, decided to vote full powers even ifket rate. Trans-Ocean.
on equitable access to the world's ́and General Ky Chuk-tung, Pacifica- raw material sources. the Communists abstained from vot-
tion Commissioner for Kweichow and General Shang, Governor
ing.
The finance committee of the Chamber adopted the Government's Plenary Powers Bill without amendments by 17 votes to 16.
MONETARY LAW
M. Bonnet is also understood to have stated that the Government wishes to suppress the regulation in the Monetary Law pegging the franc to the lower limit of 49 mil- ligrammes of gold, which is incon- venient in the event of pressure on the franc.
In other words, the Govern- ment wishes to be able to de- value further if necessary.
Questioned of whether he was ir in this connection with the United States, M.
indicated that the British f the Exchequer. Sir and the United
Treasury M
thau, would issue a
FLIGHT OF GOLD.
Bonnet is under the finance comm
General ay to
interview her to tie up her vital economic
The Hong Kong Travel Associa-of Szechuen, as Vice-Chairmen. tion acknowledges with thanks the receipt of the following subscrip- Generalissimo Chiang Kai-shek at tion: Chinese Chamber Com- Kuling before he goes to Szechuen, merce $200.
Our Own Correspondent.
lum and the
have
Strauss
valuation of the fra
Germany's experiences in over- coming the economic crisis had led
processes with her own currency.
BARTER PRINCIPLE
her purchases of raw mate- therefore, she had to foster trade with such countries as were repared to take German commo- ies to a corresponding amount payment.
big
Germany was herself colonial Power before the War and had learned from experience. how valuable capable development of such colonial territories could be.
NEW PRESIDENT
Thomas I. Watson, Chairman American delegation at the Congress and President of the In ternational Machines Corporation was unanimously elected President of the International Chamber 1937-38
The administrative board there upon decided to accept th
the tion of the Japanese delegation hold the next congress in Tokyo 1939.Tran
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