FRANCE: $250,000,000 & Pillory

Loud protestations members of the Cabinet of Socialist Premier Leon Blum that they did not expect to have to devalue the franc further were followed last week by a thumping event which firmed the franc on international exchange, showed that London is standing with Paris in friendly entente. The event: British bankers loaned $250,000,000 at 3½%, repayable within one year, to the French State railways. "I categorically deny," keynoted French Finance Minister Vincent Auriol, "that our monetary unit will be permitted to move lower."

One drastic expedient which the Socialist Premier has adopted to dissuade, although it does not prevent,...

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