Show FRENCH ANGLO PACT MAY HOLD DOLLAR STAPLE British Experts Look for Vantage In Iii Proposed Plan Move Seen Designed to Halt Eu S S. S Gains Cans From Gold GoldIc Ic Abandonment By W. W G. G Copyrights Copyright 1933 by United Press LONDON April 27 High 27 High British financial circles believed today that the proposed French Anglo monetary alliance would save the franc keep Prance France on the gold standard and insure in sure sure the maintenance of the British pound at a level of comfortable depreciation de predation compared to the American dollar The agreement believed to be alm al almost m most st completed after three days of feverish negotiation was regarded as the most effective possible counterstroke counterstroke counter counter- stroke against Americas America's abandon abandon- Went of the gold standard If it succeeds sue suc in reestablishing the dollar at atthe atthe the level it occupied before the gold standard was abandoned observers pointed out all the advantages both trade and in bargaining position at the world economic con conference ference which dollar depreciation might might- have given the Americans would be Jest The plan amounts to an agreement for lor the Bank of England to lend the French government francs purchased with its equalization fund as a measure mea inca sure of exchange stabilization STEM GOLD FIGHT This would prevent a flight of gold from the thc French treasury as heretofore heretofore hereto hereto- fore the Bank of England has converted converted con con- its francs into gold and thus would help France stay on the gold standard It would allow a concentration concentration concen concen- of the British equalization fund which Chancellor of the Ex Exchequer Exchequer Ex- Ex chequer Neville Chamberlain announced announced an an- would be enlarged to the business of maintaining the value of the dollar and thus keeping the pound depreciated Despite the opinions of high au authorities au- au that Britain would not stabilize sta the pound immediately reports persisted that a return to the gold standard was imminent The financial finan financial cial expert of the Daily Herald interpreted inter inter- the Bank of England's withdrawal withdrawal with with- of earmarked gold from America Amer ica as a a step toward resumption of the gold standard Financial experts thought the firm anchoring of France to the gold standard was of major importance because it would allow the United States and Britain to deal with the question of stabilizing their currencies curren curren- des cies without the situation being further further fur fur- ther clouded by an unstable franc and would tend to prevent a race by ie nations to see which could depress its Is currency farthest in search of trade rade advantages Despite official assurances that Americas America's abandonment of gold was purely in response to a domestic political po- po situation financial circles perls persisted per per- ls ted in their original conviction that it was an attempt to force Britain to stabilize the pound at a rate suitable to o the United States The plan to increase in- in crease the equalization fund was Interpreted in- in as meaning that Chamberlain Chamber Chamber- lain ain was determined not to lose the pounds pound's present advantage in world markets The influential financial news toay to to- day ay described Americas America's explanation for or abandoning gold as highly unconvincing un- un convincing Deputy Demands Demands- Finance Meeting PARIS April 27 2 UP Deputy UP-Deputy Deputy Joseph oseph Denais demanded immediate convocation of the finance commis commis- ion slon of the chamber today lo to obtain an n explanation from Finance Min Mm- Minster ster ister Georges Bonnet of the condi- condi lion ion of the treasury demand represented a rowing growing storm against the proposed Franco British monetary monetary- alliance whereby the French treasury would large loans of francs from the Bank of England Denais in a letter to Louis Jean Malvy president of the commission demanded that he pall the commis- commis ion sion I II cannot admit that a government which must secure legislation for mission emission of treasury bonds should contract a loan abroad in this maner man man- ncr er he said especially with all its possible consequences not only of a financial nature but economical and political ones as well s |