Imperial Valley press., 1936-09-29

Iii OuSil PAL lldIilGllJ dSd1llS
a sliding-wage plan designe
a lower priced franc might brin.
to the workers.
Meanwhile, other members O
The European gold bloc acted K
perfect devsluation plans, anc
European nations generally were
devising arrangements for theil
currencies when the policy goe-
through
Premier Leon Blum was forced
to give ground on the sliding
scale proposal and offered to with
draw the measure in favor Of one
giving the government the right
10 stop speculation by decree. But
the government won on its first
test, that of an opposition move
to return the entire program to
commission for study. This was de-
feated 265 TO 248.
The wage proposal still was in
question. Radicals had even
threatened to withdraw their
members from the cabinet if the
shding- wage plan was pushed.
They voted in caucus to support
the government plan but oppose
the sliding-scale wage plan. 1t
was considered likely that they
would be agreeable TO the latest
Blum move ior speculation con-
troll but Communists may not ap-
prove such a move.
Developments in other world
centers of the monetary crisis in
cluded:
Amsterdam - Premier Hendrick
Colyin confirmed that Holland IS
temporarily abandoning the gold
standard, taking the same position
as in 1914 and 1925. He announe-
ed by radio that a Stabilization
fund of 300,000,000 guilders was
being formed He avoided the word
"devaluation' but it is believed
a small reduction will be made in
the value of the guilder. The ma
ton will adhere to the tri-partite
accord, he said, but he expected
little result. The government plans
to introduce a bill TO prevent
soaring prices and will deal harsh
ly with offenders.
Italy-The government ordered
the bourse closed Monday, Tues
day and Wednesday. No plans for
devaluation of the Ira are being
considered, it is indicated, but
many believe the government Will
permit the lira TO cheaper gradu-
ally.
Germany = RsichSbank central
committee will meet Wednesday to
hear DR.. Hjalmar Sehacht report
on the currency situation. No
change is expected.
Latvia-Decided to abandon the
gold standard effective Tuesday.
Greece-The drachma will Be
placed on ratio of $40 to $50 to
sterling.
England-Gold rose to 140 shill-
ing 8 pence, the highest in En-
glish money since May but ster-
ling dropped to S4.94 making the
American equivalent lower. Stocks
higher at opening of market un-
der lead of gold mining issues.
Excited early foreign exchange
trading although no quotations on
the French franc, Swiss franc and
Holland guilder.
Former finance Minister Georges
Bonnet attacked the government
doubling that the program had
been in long preparation. The
government announced negotia-
tions were started in June.
Bonnet said he would vote for
devaluation but insisted the gov
ernment had not been long IN
preparation of the program be-
cause the recent unsuccessful baby
bond sale would not have been
attempted had negotiations been
underway.
Paul Reynaud, the devaluation
protagonist who is attributed with |
presenting the proposal in a re-
cent visit in Washington, welcom-
ed the tri-partite accord as the |
beginning o. collaboration between |
France, the United States and |
Great Britain in an economic and |
social field"