Word: reynaud
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When effervescent Paul Reynaud became French Minister of Finance last November, France was fast slipping into an economic collapse that, following close after the Munich disaster, might have destroyed French democracy. Unemployment had increased 40,000 in a year (to 367,000) as production dropped to 25% below the 1930 level; one out of three dinky French freight cars was idle; sales of manufactured goods abroad had halved; industrialists said they saw no chance for profits under Popular Front reforms. Worst of all, the savings of millions of frugal Frenchmen were endangered by an unchecked flight of gold. Drastic measures...
...less important than the Premier's defense was a long speech by Paul Reynaud, Finance Minister, author of the recent unpopular series of decrees reducing governmental expenses (by cutting public works appropriations and War veterans' pensions) and increasing income taxation. Claiming that France had already benefited by his laws, he pointed out that as a result of the rise in the value of Government bonds, a gain of $352,420,000 had accrued to government bondholders. This showed increased confidence in French finances which was also reflected in the fact that in five weeks Finance Minister Reynaud...
...thought it was a good sign that there were 560,000,000 more francs in French savings banks during November 1938, than November 1937. In 1936 the Government had to borrow 30,000,000,000 francs to meet its deficit, in 1937, 40,000,000,000. This year M. Reynaud said he would get by with only a 35,000,000,000 franc loan. The Finance Minister summed up optimistically. "We are entering upon an era of rehabilitation of the public finances...
...Paul Reynaud (Sun. 1:30 p. m. CBS). French Finance Minister speaks from Paris. Subject: "France is Sound...
...guns instead of public works, the dole or leaf raking. He cried: "A country which next year is going to spend 25 billions of francs for national defense cannot afford the luxury of great public works. Machine guns are more necessary today-alas-than stone fountains for villages." Paul Reynaud insisted that the 32 decrees stop just short of totalitarianism of either Left or Right, preserve in economics a "Liberal Regime" as he called it on the radio. No. 1 Trade Union Boss Leon Jouhaux promptly indicated a feeling that such measures probably are today the sole means of making...