Frank Statement of Grave Conditions.of Nation'
Broadcast; New Level Will Stave Off Attacks French franc would be stal Paris, May 5. bilized in agreement with London and Washington, said M, Edouard Daladier, the Premier, in an important broadcast last night.
Although he did not mention the rate of stabilization, the Premier emphasized that it would be safe against attack and in full accord with the Tripartite Monetary Agreement, to which the French Government would remain firmly attached.
Me Paul Marchandeau,)Finance Minister announced today that the franc was officially fixed at 179 to £1, below which it would not fall. Contrary to repo rts, he added, it was not stabiliza~ tion but operation, first seeking de facto stability, which decided today. Meanwhile, gold and capital are rapidly returning jig] to France, The Treasury this morning is reported to have already netted six milliard franes by sales of sterling and dollars.
In his broadcast, M. Daladier said that the forthcoming Defence Loan would give all Frenchmen an opportunity to participate in full confidence in plebiscite of patriotism."
He alluded to the settlement of labour disputes and big strikes through the "good~ will of employers and workers."
'A second problem facing the country, he went on, was external and arose from. divisions "in. Europe, Which, instead of uniting were ceaseyyarently due to the following re-
Stark ruth Declar cannot be allowed to continua" the Painting a "grave situation, which Premier said:
want to tell the country the truth, which is thi 01 my is" hard hit legitimate profits tend to disappear within a Short. time. Unemployment is. increasing and the state of our trade balance is impoverishing us.
"Our production figures," M. Dal dier continued, "are a humiliation for the French people. Our economy ig drained of its life blood and the og state of the Budget is inevitably Agreement. lap a al faronlle
The United States, Great Britain and France have agreed to the Tripartite Monetary according toa statement made by Mr. Henry Morgenthau, Secretary of the Treasury.
Mr, Morgenthau, atter making the announcement at a press conference, said: "We feo! that what the French Treasury proposes to do comes within the spirit of the Tripartite Agree-are lowering public credit, drying up private credit and menacing the cre-Git of our currency:
Daladier emphasized the neces~ sity of fixing a monetary level which would finally shelter the franc from the attacks which had been launched against it for several years,
Text read from the printed page and cleaned; old type leaves the occasional error.