M, Bonnet is also understood to have told the Committee that the gold outflow amounted to Frs. 2,500,000,000 from June 23 to June 28 and to Frs. $5,200,000,000 from June 1 to June 22.
The deficit in the ordinary budget, the said, was from rs, 6,000.000.000 Frs, 10,000,000,000 and in the extraordinary budget Fra, 8,500,000,000. Ready money at the disposal of the Government was only Frs, 20,000,000 and that it had demanded an advance 400,000,000 to meet current, expenditure.
The Government's Plenary Powers Bill consists of a single clause demanding authority to take, by decree, il measures calculated to assure pression of attacks on State credit, to assure the fight against speculation and also to assure veonomie recovery and control of prices, the balancing of the Budget and the equilibrium of the Treasury and defence, without contro! of exchanges or the Bank of France's France Paris, July 1.
France is officially "off gold." This was the Government's first' action afler securing unfettered authority from both Houses of Parliament to deal with the financial and cconomle crisis. The franc, like the pound erling, has been unpegged from gold.
The portion of the Monetary Law of October 1, 1936, which fixed the old value of the devalued franc between 49 and 43. milligrammes of gold, has been suspended by decree fand'the new gold content will be fixed by decree later, The gold-buying price has been taxed at Frs28050 per kilo. This is equivalent to an exchange rate for sterling of Frs.128.75, Further advances. to the State amounting to Frs. 15 milliards have been authorized by the Bank of France.
Meanwhile the decree suspending payments in settlement of commercial bills and undertakings where payment in old or foreign currencies was stipulated, has been cancelled by the Minister of Finance, M. Georges
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