Page 7, 2nd July 1937

2nd July 1937
Page 7
Page 7, 2nd July 1937 — French Currency Crisis
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French Currency Crisis

Various drastic measures have been instituted by M. Bonnet, the new Frenoh Finance Minister, to fight the financial crisis. The Bourse was closed until further notice from June 29 and gold and currency dealings suspended. M. Bonnet made it clear that the franc-sterling rate must be given more elasticity and that the Government must have full powers to deal with the crisis. Heavy increase in taxation is likely. It is not yet certain whether the Socialists may not oppose some of these measures.

Serious Situation in Paris

M. Chautcmps, the new French Premier, is already faced with serious trouble. The Government remains very similar, M. Blum being Vice-Premier. The chief new personality is M. Bonnet, Minister of Finance, until now Ambassador in Washington and a well-known financial expert. The new Government has issued a decree applying a limited working week in hotels and restaurants. Kitchen staff hours arc to be forty-six and other staff hours fifty-two, with a slight increase during the Paris Exhibition. This is certain to arouse the fierce opposition of the Senate which has already protested against such reductions. French hotel and restaurant proprietors are already threatening a lock-out, which would be very serious at the height of the tourist season. Negotiations are in progress and it is thought that the lock-out will be avoided. There is also a master bakers' lock-out in the Pyrdnees Orientates.

Free State Elections

Two hundred and fifty candidates were nominated for the 138 scats divided among the 34 constituencies comprising the Irish Free State on June 23. One hundred Fianna Fail (De Valera) candidates were nominated, ninety-seven Fine Gael (Cosgrave) candidates and twenty-three Labour candidates. Owing to splits in these three major parties a record number of forty independent candidates were nominated. Polling took place on July 1. At the dissolution there were 75 Fianna Fail deputies, 53 Fine Gael, S Labour and 14 Inde pendents in the Dail. In the next Dail there will be more than a dozen fewer deputies.

Rumanian Monarch in Warsaw

King Carol of Rumania has been on a short visit to Poland and the cordiality of Polish-Rumanian relations was marked by impressive demonstrations. A very large military review, lasting over four hours, took place in his honour, in which thirty thousand soldiers took part and some three hundred aeroplanes flew past. The King was received by President Moscicki and an immediate outcome of the visit has been the raising of the Rumanian Legation in Warsaw and Polish Legation in Bucharest to the status of Embassies. Much indignation was caused in some circles by the Archbishop of Cracow, who removed Marshal Pilsudski's coffin to another part of Cracow Cathedral in view of the forthcoming visit of King Carol as head of the Rumanian Orthodox Church. This incident made no difference, however, to the visit or programme.

Spanish Civil War

Active warfare has now been resumed on all fronts in Spain and the Nationalist forces are advancing lividly in the direction of Santander, which is being fortified. The Government forces are attempting a counter-offensive in the province of Leon. Preparations are being made for a drastic push towards Almeria and Madrid has again been subject to heavy bombardment.

Spanish Non Intervention Crisis

As a result of the alleged attacks by Spanish submarines upon the Leipzig Germany and Italy have withdrawn from the naval control scheme, but not from the Non-Intervention Committee. No reprisal other than this and a massing of warships in the Mediterranean was actually carried out by Germany. France and Britain have offered to control the areas abandoned by Germany and Italy.

German Bishop Attacked

While giving evidence on behalf of Fr. Schroeder, rector of Deidesheim, who was subsequently convicted of derogatory remarks directed against the Nazi Governor of the Saar, Mgr. Sebastian, Bishop of

Speyer, was accused of treason. A facsimile of a letter written to Cardinal Pacelli criticising certain actions of the Nazis was produced in court, and vigorous attacks were made upon the Bishop in the German press.

World Trade Congress

The World Trade Congress was formally opened in Berlin by General Goering, who created a sensation at this non-political congress of business men by vigorously demanding the return of Germany's former colonies. This he declared to be a just claim, with which the world would have to comply. Dr. Schacht also reiterated this claim, but a somewhat different note was struck by Mr. Heath, London Agent General for Australia, and the President, Mr. van Vlissingen. 1.600 delegates from 40 countries are attending the Congress.

U.S.A. Steel. Strike

Grave fears are still entertained as regards the outcome of the American steel strike. Incidents have occurred at Johnstown and Youngstown and bloodshed is feared. President Roosevelt's mediation committee has failed and the strike still continues, although some workers have returned, Non-strikers at Youngstown arc working under military protection.




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