The Waterbury Democrat., 1937-07-01
FRENCH FRANC ON
 LEVELS OF 1928
(Continued from Page D

Continued from Page D both sterling and the dollar. Un- official opening quotations for the franc were 24.80 to the dollar (4.U3 centS) and l22D50 to the pound com pared with Mondays rate of % 40 to the dollar t4.46 cents per franc) and ll0.56 to the pound. The cabi- net met and delegated Premier Ca- mile ChautempS to try to arbi- tratc between the owners and their workers.
 owners called their strike in pros test against the 4o-hour working week decreed under the new social laws. The workers announced that If the strike were held they. would occupy the hotels, restaurants and cafes. Todays official journal published deerees ordering the mar kets reopened and ending the mora torium on payments in gold and foreign currencies.
 Monetary Pact In Force
 Washington, July l.-(UP)-Sec- retary of the Treasury Henry Mor- genthau, Jr., announced today that the tripartite monetary agreement between the United States, Great Britain and France, designed te maintain International currency stability, still is in force despite the critical French fiscal situation.
 The secretary made tho announce- iiAAFt 0t plu fNAAstAtVAH conference after all night conSulta- tion with French and British fiscal authorities.
 "Since Monday night we have been In consultation with France and Great Britain in connection with the proposed change in the financial arrangements that the French have made" Morgenthuu said.
 This morning the French and British and ourselves came to on agreement and we are giving out simultaneous statements at thts time.
 "f am very much pleased that the three countries were able to come to an understanding which permits continuance Of the tri-partite agrees nent."
 Message to France
 Morgenthou made public a mes- sage he sent to Finance Minister Georges Bonnet of France, whicl, he said was identical with that boz Ing sent by the British government 1t said: r.
 "Now that the French ministry of finance has been given the pow CTS which 1t sought to meet the present situation, look forward to a continuation of close cooperation between our treasuries under the tri-partite declaration.
 May express to you the sincere hope that France will soon emerge from the temporary difficulties with which she Is now confronted"
 The agreement to continue the tri-partite agreement was reached despite the fact that the action of the French government in devalu- ing the franc had been considered an abrogation of one of the major DIOtiolOkG Ok tLlC 7S(Ou-tAldb France would maintain the minl- mum level of the franc at 4.35 cents.
 Find Its Own Level
 The new Paris decree will permit the franc to find its own level be- fore the price is begged. On the Paris Bourse the value Of the franc fell below 4 cents. With Morgen- thau when he made the announce ment sat almost dozen men, whom the secretary described as having worked with him and the French and British in solving the problem caused by the French fiscal crisis
 T believe my statement covers all aspects" Morgenthau said, adding with a laugh:
 "As Ethel Barrymore used to say, there isn't any more"
 Morgenthau made it clear that there had been no revisions in the operations of the agreement, under which the three nations agreed to use their Stabilization funds to pre- vent undue fluctuations in their currencies and to maintain them in line with each other.
 
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