Paris, April 11. Exchange is rendering the financial position of France more and more difficult. A month ago the pound sterling was below 50 francs. Before Easter it was about 57, and now it is in the neighbourhood of 65. The dollar, on the other hand, at 15.25, is very little higher than it was at the beginning of February.
This difference is the sult of the post-war American attitude of detachment from the problems of Europe and disinclination to lend more money to strug: gling debtors. Long credits are a vital necessity to France while she is trying to set her devastated manufacturing districts on their feet and increase her exports. Not being able to obtain these credits in the United States. she has cut down her purchases in that country to the lowest: possible level and has bought in British markets.
Trade statistics show that in 1919 France bought nearly a milliard francs' worth of goods more from England than from the United States. The country is also selling very much less to' England. Apparently American bankers, anticipating large offers of sterling, sold short. Finding out that they were on the wrong tack (especially when England and France made large shipments of gold to the United States), they were compelled to buy back in London, Paris and wherever they could find sterling bills. Hence the improvement in the value of the pound in New York.
Text read from the printed page and cleaned; old type leaves the occasional error.