Business: Homing Gold

Foreign exchange traders last week looked at schedules of sailings from France to the U. S., took sharpened pencils and calculated to a nicety the point at which it would be profitable to ship gold to the U. S. The result was a figure a shade under 3.91¢. Last week the franc was selling 1/16 above that figure, having fallen sharply from its recent high of 3.97¢.

An adverse balance of trade, poor crops demanding unusually large outside purchases, huge temporary investments by outsiders in francs, have convinced the Bank of France that it will soon start losing...

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