The Palm Beach Post from West Palm Beach, Florida on November 17, 1968 · Page 12
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November 17, 1968

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The Palm Beach Post from West Palm Beach, Florida · Page 12

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West Palm Beach, Florida
Issue Date:
Sunday, November 17, 1968
Page:
Page 12
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A12 Palm Beach Post-Times, Sunday, Nov. 17, 1968 De Gaulle Calls Emergency Meeting On Franc K. NEWS I . ,. ' jack ' I y 11:00 PM E VvV y T0NGHTf,Ai& ORDER YOUR GIFT FRUIT NOW For The HOLIDAYS Duhamel accused the government of having assumed that the dollar and the pound sterling would be further weakened and the German mark revalued, thus giving the franc new strength. He criticized the regime for having imposed higher income and inheritance taxes and in creased the discount rate, thus undermining the confidence of capitalists at the very momem when it needed their confidence most. Duhamel, far from being systematically opposed to the government, is known to have been eager to work closely with the Gaullists. NAVEL ORANGES & GRAPEFRUIT available I ( I l N Y. Times Nins Sit in' PARIS - President de Gaulle, aainst a background of growing concern over the stability of llie franc, called Prime Minister Maurice C'ouve de Murville and Finance Minister Francois Xavi-er Orloli to an unusual Saturday morning conference at the F.lysee Palace. The secretary of state for information, Joel le Theulf, who was called to the presidential palace later, declared that no major monetary decisions had been made. Couve de Murville is scheduled to address the nation Monday night over the state-owned radio and television network. Informed sources predicted Saturday that he will an- NOW AT -v. i LAY AW AY OR CHARGE IT OPEN TO-DAY 12:30 TO 5:30 Now at a New Low Price! COMPLETE 109-Pc. SET jv GROVES OPEN DAILY 10 A M. lo 6 P.M. Sunday 1:30 P.M lo 6 P.M. GROVES State Rd. 7 STORE 312 Clematis THERE'S NO MATCH FOR FLAMELESS ELECTRIC LIVING AT . . . 'at 1 r nounce austerity measures intended to cut budgetary expenses for the coming year by about $.'SU0 million, or roughly 1 per cent. Specialists of the finance ministry' are known to have worked practically all Friday night on proposals to achieve such savings, but decisions at the cabinet level are not expected before the weekly cabinet meeting on Wednesday at the earliest. As if to show the nation that all was well, De Gaulle flew to his country home in Colombey Les Deux E'glises in the early afternoon and Couve De Murville left Paris to keep a speaking engagement in Metz, in eastern Trance. The franc has been under heavy pressure all week. Capital flight, mostly to Germany and Switzerland, was estimated Friday night to have reached nearly $2r0 million for the week. Le Monde, the Paris evening newspaper, said Saturday however that strong psychological factors in addition to compelling financial reasons would k'"r De Gaulle fiom declaring a devaluation of the franc at this time. It was inconceivable thai the president would decide to "amputate" the franc precisely on the anniversary of the devaluation of sterling, wrote the newspaper's financial editor, Paul Fabra. The president asserted last Wednesday thai devaluation "would be the worst form of absurdity." Instead of resloring confidence in the French currency, however, the remark seems to have hastened the flight of capital. Speculators, it seems, interpreted the President's strong statement as evidence that the possibility of devaluation had been seriously discussed and perhaps even suggested at government level. Lack of confidence is believed to be the main problem of the franc. Specialists agree that in general terms the economy has been doing ralher well since last May's general strike. The government financial and economi policy came under heavy attack Saturday from Georges Duhamel, leader of the centrist group in the National Assembly. . . 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