The French Government's devaluation policy received a majority of eight voles when submitted to a meeting of the Finance Commission of the Cham= ber of Deputies yesterday.
Socialist and Radical-Socialiet members voted In favour of the move, Communists abstained, while Centre and Right voted against, No fixed value of the frane is stipulated in the Gold Bil, providing. for the compulsory declaration of gold held by private individuals and companies.
It provides, however, that the Government should Ax the value by decree later between 49 and 43 mil-grammes of gold, The measure forbids the impost and export of, oF business in, gold without the authorization of the Bank of France, which will administer, under the control of the Treasury, an equalization fund of ten milliard franes.
Provision is also made for a sliding scale in wages and pensions in. ace cordance with the cost of living.
Holders of Treasury Bonds have the option of accepting interest for life fon their Rentes as compensation for any losses incurred by devaluation.
Under the Bill, a tax equal to the increased value of gold will posed on all holdings of gold above 50 grammes in weight.
The penalty for failure to declare holdings will be a fine equivalent to the amount of gold held undeclared.
Foreign currency transactions between September 20 and September 26 must be declared within a fort-hight of the enactment of the meas-
Text read from the printed page and cleaned; old type leaves the occasional error.