Of interest and sinking funds would be only about Point where it should be an entirely practical proposition from a political point of view to stabilize at The decline of the franc has now proceeded to a Income, expressed on a gold basis with the franc at Holders of internal French bonds become poorerĪnd poorer with the decline of the franc, as their It follows also, from the advance in prices accompanying the depreciation of the currency, that The franc at 19.3 cents, or $26 and $14, respectively,ģ. Payment of interest and sinking funds on the internal debt alone would amount to $100 per capita with The franc at 5 cents, and $550,000,000 with the francĪt 2.75 cents. On this internal debt will not exceed 5%, theseĬharges would have a gold value of $3,850,000,000Īnnually, with the franc at par $1,000,000,000 with If it isĪssumed that eventually interest and sinking funds Atĥ cents for the franc, the value would be approximately $20,000,000,000 and at the present level,Īround 2.75c., approximately $11,000,000,000. The French internal debt would have a gold valueĮquivalent to approximately $77,000,000,000. For example, assume that the French internal debt is 400,000,000,000 francs. It follows from this that the lower the franc Prices will stabilize at a world basis or a gold basis,īarring, of course, minor differences brought aboutīy tariffs, freights, local customs, etc.Ģ. Not likely to do so until the franc is finally stabilized and the element of fear is out of the French Risen as much as the currency has declined, and are In France since 1914, but as yet prices have not The depreciation of the currency is accompanied in the long run by a corresponding rise in To understand these it is necessary to keep the following points in mind:ġ. In undertakings of all kinds but back of this thereĪre other situations in France of a distressinglyĭifferent character. Gives the misleading evidence of great prosperityĪccompanied by universal employment and activity For many years the franc has been declining, prices in France have been advancing, andįrench business has been stimulated into a condition Previously experienced by any western European Of its phases riotously prosperous, but in 1923 Germany went through a period of financial chaos not First of all it must be understood that the highly prosperous condition of Frenchīusiness is not conclusive evidence as to the real Simple principles involved in the nation's precariousįinancial situation. Neighbors, but with her own past, to re-state the Them evidence on every hand of great prosperity, inĬontrast not only with the condition of France's Is filled with American tourists and is affording It may be appropriate at this time, when France Must be taken in the near future to prevent a financial catastrophe of the first order. In the opinion of economists throughout the world Situation, there is at least a shadow of hope thatįrance at last may be preparing to take steps which Given practically complete power to deal with the Caillaux and hisĪssumption of office only on condition that he be The endless juggling of French Cabinets, each without any real political power. So, as this may mean but another combination in The event has been given very little front page attention by American newspapers, and perhaps justly BriandĪt its head, and Caillaux as the Finance Minister. The security markets of the world, has been the appointment of a new French Ministry with M. Just closing, at least in its possible bearing upon Perhaps the most significant event of the week (3) An elaborate tabular statement, comparing the totals of the municipal sales, under The totals of,which now run up into the hundreds of millions annually. Of the municipal bonds redeemed or retired, Municipal bond sales for the preceding calendarīy any publication, a study of the amounts Our subscribers, there are several specialĪrticles,which have a wide degree of interest. In the semi-annual number of the above publication, a copy of which goes to every one of Published every Saturday morning by WILLIAM B. 0.įront, Pine and Depeyster Streets, New York Western Representative.Ģ08 South La Salle Street. Subscription includes following Supplements. Remittances for European subscriptions and advertisements must be made NOTICE.-On account of the fluctuations In the rates of exchange. Within Continental United States except Alaska
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