Show NEWS FROM l FOREIGN FIELDS Mussolini Reviews German Nazi Youths r i k ep w. w p I 1 L J I r I b I s 14 ti r N c i Attired in white Premier PremierS Benito Mussolini l of Italy lifts his lis hand in the thc fascist salute as n he li reviews a group grou of German nazi youths visiting Rome Borne p French Decree Devaluates Franc and Re Reopens pens Bourse PARIS Oct 2 UP The UP-The The French Frenc government published BJ an official of of- tidal decree today devaluating the franc and reopening the bour bourse bourre e. e The d decree cree while devaluating the franc did not peg it at a definite deli deli- nite point It will be held by an equalization fund at between and mL L to the pound and between 2050 and 2075 to the dollar donar LL law jaw W devaluating iLA provided a gold content ranging between be between between be- be tween a maximum of 49 milligrams and a minimum of oC o 43 milligrams compared with milligrams rams the previous gold cont content nt In terms of the U. U S. S dollar 43 milligrams would be equivalent to 2296 francs franc per dollar while 49 milligrams would equal 2015 francs per dollar The Tho actual ex exchange hange rate the two currencies has not been fixed but the franc momentarily will be allowed to to find its level After Alter the decree was published the Bank of France reduced its discount discount discount dis dis- dis- dis count rate from 5 to 3 percent per It had been Deen raised to halt Frances France's loss of gold rold The bours bourse leop reopened ned at noon mos most active actively Ii Some Issue isue boom boomed d. d but bu trading was handicapped by a dearth of offers In the first half hour the dollar remained at 2145 francs and the British pound at Suez was 2300 compared to at the last session Santa Fe compared compared com corn pared to Royal Dutch compared com corn pared to It was announced the bourse would remain closed tomorrow and that month-end month liquidation would be made Monday Publication of the decree fol followed fol- fol ol- ol lowed agreement between the French senate and chamber bamber o of deputies deputies dep dep- yesterday on terms of authorizing author author- authorizing izing legislation over which they had disputed for four tour days O Of the profit o of devaluation of ot the gold fund francs will be established as an equalization fund and the remainder will be turned over to the state to amortize the public debt Following final passage a of the bill the senate and chamber adjourned until the first week of Nov November As a result of the francs franc's devaluation the International curre currency cy 81 situation sit sit- is expected to become becom more stable The original agreement between between be be- tween the United States France and England provided that their currencies currencies cur cur- would be kep kept at approximate approximate mate parity Each is to aid the others by means of stabilization funds to accomplish this end |