The Archive · 1938

France's Recovery Programme

Drastic Decrees to Put Country Back on Feet — Three-Year Plan of Work and Reform Paris, Nov. 13.

N an effort to further the financial and economic recovery of the country, in regard to which it contemplates a three-year plan, the French Government has issued a series of decrees which M. Reynaud, the Finance Minister, in a broadcast last night, declared are aimed at recreating a prosperous and strong France and constitute the first step on the road fo recovery. He added that the financial and economic'situation was very grave but goód news was that they were certain to overcome it.

The decrees include the following:

A revaluation of the gold stock of the Bank of France at the rate of 170 francs io a pound sterling.

A credit of £570,000 to aid French agriculture.

A Ble-day week for three years.

A special emergency national contribution of two per cent. on all professional incomes.

An increase, by an unstated amount of rates of income-t Abolition of the French national lottery as from January 1, 1940.

Readjustment of certain indirect taxes, including those on coffee, petrol, sugar, tobacco and' wine, Stricter watch to be' kept on foreigners in France, and imposi tion of restrictions on the acquisi tion of French nationality, The revaluation of the Bank of France's gold reserve at 170 francs will yield a profit of about £170,000,- 000 Gold is at present valued at about 110 francs to a pound.

In regard to the decree providing help for French agriculture, it stipulates that an appropriation to special accounts of 100,000,000 francs, repay-

Text read from the printed page and cleaned; old type leaves the occasional error.

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