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THE CHINA MAI
LY 1 1987
BRITAIN'S INTEREST IN NEW FRENCH CURRENCY CRISIS No Objection Raised To Franc Devaluation
SENATE PASSES EMPOWERING MEASURE
London, To-day.
The French monetary situation was the sub- ject of a statement by the Chancellor of the Exche quer, Sir John Simon, in the House of Commons yesterday.
Sir John said it had been generally recognised that the readjustment in France last September was not entirely successful in again establishing the lasting equilibrium aimed at by the tri-partite agreement.
He understood the French Government was contemplating measures involving the removal of
the franc..
THE KING AT MASONIC
GRAND LODGE
London, To-day.
The Albert Hall presented a memorable scene as, the Especial Grand Lodge of the United Grand Lodge of England invested the King as Past Grand Master.
It was the first time that any King of England had attended a Masonic meeting after his acces- sion.
An enthusiastic welcome. was given the King by. 9,000 Freema- sons from all parts of the Empire.
Reuter.
PARIS HOTEL
the upper and lower gold limits now prescribed for STRIKE
CHAUTEMPS WARNS THREAT
The French Government as- sured him, however, that they were not seeking exchange ad- vantage and would continue in close co-operation with the United States and British Gov- ernments.
SENATES:
Waste Of Time And
Energy
Paris, To-day. Although the debate in the Sen-
PARIS, TO-DAY. ALL HOTELS AND RES TAURANTS WHICH THE OWN- ERS THREATEN TO "CLOSE
OTHER AR-
DEVALUATION
OF FRANC
Paris, To-day.
The decree providing for devaluation of the franc was submitted by the Finance Minister, M. Georges Bonnet, to Pre- sident Albert Lebrun last night.
According to the decree, the new gold content of the franc is to be established later by the Council of Ministers and the con- ditions governing gold conversion of banknotes also stipulated.
Until the new decree goes into effect the Currency Stabilising Fund will used to regulate the franc in
foreign markets. Trans-Ocean.
be
tion of Catering Trade Employees. The two organisations have ap- pointed committees to collaborate with the Trade Unions on the steps
This was also the strong desire ate, which passed the Empowering DOWN ON SATURDAY UN-to be taken in the event of the hotels
LESS SOME
and - restaurants being closed.
Over 500 hotel and restaurant.
of the British Government and Bill by 167 votes to 82, was attend- he was in communication on the ed by less violence than the meet-RANGEMENT THAN DIRECT problems with the French Fin-ing of the Chamber of Deputies, INTRODUCTION OF THE 40-owners in La Havre have resolved ance Minister and the U.S. Trea- the session was by no means calm HOUR WEEK IS MADE, WILL to close their sury Department. Reuter
The Conservative members took BE OCCUPIED BY THE EM- Saturday. Trans Ocean. the opportunity to criticise in PLOYEES.
FRENCH SENATE
APPROVAL
“Funeral Oration” Of Popular Front
Paris, To-day.
The Government's financial pro- gramme was yesterday approved by the Senate by 167 votes to 82.
Delivering his speech, which the Senate evidently regards as the funeral oration of the Popular Front, M. Gardey, Rapporteur of the Budget Commission declared the reason the Senate had been re- luctant to accord plenary powers to the Blum Government but was ready to give them now was because the former would have used its powers for coercion and nationalisation rather than national recovery.
BALANCED BUDGET
It was a calumny to say that the Senate was not disposed to fight speculation but the Senate did de- mand a balanced Budget and it had found the Blum Government-bor- rowing to the hilt for its Treasury requirements.
The Socialists are swallowing their medicine grudgingly and the ex-Finance Minister, M Vincent Auriol, walked out at Senate's proposal to placard M. Gardey's speech,
the
The sitting was suspended but M. Gardey on the
umption asked withdrawal of the proposal as it might endanger the friendly ing between the two Hous
Presidential decree an open
that the
Reuter.
scathing terms the late Blum Gov-1 ernment.
POLITICAL ASPECT
blishments on
Britain ranks first among countries doing trade with Russia, according to This announcement followed pro-statistics just published by the Soviet test demonstrations yesterday by that in the period January April the Customs. Administration. which Addressing the Senate, the Pre- the Federation of Hotel and Re-
reveals turnover of trade between the mier, M. Camille Chautemps, said staurant Employees and the Federa-two countries was 148,200,000 roubles. the Empowering Bill had both a po- litical and technical aspect but that he proposed to confine his remarks to the political aspect. -
Discussing the question whether the Government was strong enough to carry out the task it was assum- ing, the Premier pointed out that the former Goverment had not re- signed because of a change in their majority in the Chamber but cause of the quarrel between the Chamber and Senate.
be-
He urged the Senate, in view of the present situation, not to waste time and energy in polemnizing against the former Government but to concentrate on the work at hand.
EMERGENCY ACTION
He again emphasised that the proposed financial measures would be carried out in two steps, the first being emergency action through an appeal to the Bank of France, and the second the funda- mental programme of measures for bringing about revival and perma- nent recovery of French finances. Trans-Ocean.
WATER PRICE UP
IGAVCI O Paris, To-day. The first Increase in prices result of the financial criafs has been announce
cide
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