Show L i. FRANCE UNDER THE SWASTIKA U SWASTIKAS SWASTIKA SWASTIKA- f S i Industry Faces Doom I If i If Nazis Win War WarI War WarBy I I f I pled n ne wn WD FAlters FAlter's trance II ace i note Thee n Thie artie r h the are d led uncensored of wipe h a ertie r of t tours ur d articles u ua and a b. b Kenneth By KENNETH DOWNS i LISBON April April 2 25 5 INS INS Inflation has come to France in in ina i 1 a mild way but certainly not in in the e manner one mig might t expect in view of the francs a day run off the printing I I presses for the account of the German army of occupation f Note circulation in France France was I I said to be around francs in February as compared to when the armistice armistice armistice armi armi- stice was signed and at the time of Munich Yet on on the black bourse the dollar has never commanded more than francs at the highest Usually black bourse rates run from to The official rate is 43 50 to the dollar Similarly goods sold on the black bourse run two tW three and four lour times the official price Itis It Itis Itis is rare for an article to bring more than five times its normal price on the black bourse PrIce Trice Control Helps Out Serious inflation Is being prevented prevented prevented pre pre- vented by rather string stringent nt price control This is possible now because because because be be- cause French economy at this time is entirely an interior economy Bank deposits are way up because because because be be- cause of handed free-handed German spending and because hoarders fearful their money moncy will dwindle away to worthlessness have brought their holdings out of hiding Because there are few goods left to buy and securities are scarce there has been a sharp rise on the stock market the general general general gen gen- eral average of securities going up 20 per cent from the first of the year to March 1 I. I Land prices have jumped No one wants to hold his francs but finding places s to invest them is difficult Here are arc comparative prices of some leading French and international international international inter inter- national shares quoted on the bourse at Lyons the first figure being the price of the stock April 1940 th the last figure ligure being the price quoted for the same stock February 19 Bank of Paris 1063 against 1490 Credit Lyonnaise 1710 against 2740 Suez 16 against Eaux 1292 against Canadian Pacific against Rio Tinto 2920 against Royal Rojal Dutch against The prices quoted for lor Fr French shares do not appe appear r to reflect the fear of a German victory or at least the consequences of a aGerman aGerman aGerman German victory These consequences consequences consequences conse conse- according to opinions ex expressed expressed expressed ex- ex pressed privately in French fi financial financial fi- fi cn ld be tn the ex Jex sic of French industry and finance Nazi Win Perils Plants If Germany wins French Industry in industry industry In- In will become a thing of the past one economic expert with wide banking connections told me at Vichy And the French financier will be as extinct as the dodo birdWe birdWe bird We will become an agricultural agricultural agricultural tural nation supplementing agriculture agriculture agriculture agri agri- culture with small crafts such as manufacture of wines perfumes bags bafs fashions and so forth Under Under Under Un Un- der these conditions we would of course be a second rate power No strictly agricultural nation can be a first class power tod today y If Germany wins our money like that of all aU the other countries countries countries coun coun- tries of Europe will be based on the mark and cleared in Berlin If Germany loses I feel feet International International international currency will be based on the dollar What would the effect of a aGerman aGerman aGerman German victory be on the French FrenchI I standard of living in his opinion Sees End to Wealthy There would be a general leveling leveling leveling lev lev- eling down The wealthy would disappear The peasants peasant's position would not be changed much nor would the position of the small shopkeeper except that he would be handling German goods under German regulations The lot of labor would undoubtedly be very hard however with strict regimentation regimentation regi regimentation regi- regi tens of thousands of them being sent to the fields and probably many other t tens ns of thousands thousands thousands thou thou- sands to Africa The French national debt now is placed somewhere between and 1000 billion francs |