Reel 17427 - Page 1707

Dublin Core

Title

Reel 17427 - Page 1707

Description

Quality Score: unknown
Needs Review: No
OCR Confidence: 0%
Character Count: 1956
Word Count: 337

Source

https://image-uab.canadiana.ca/iiif/2/69429%2Fc0000012z14h/full/max/0/default.jpg

Date

1941/1945

Rights

Public Domain

Format

image/jpeg

Language

fra

Text Item Type Metadata

Text

Under these conditions, it - 50 - to be that it
could be desirable, without waiting for the next supply,
to point out to the Department how the inflation has
grown and to stress the extent to which, because of the
existing agreement among Vichy, Hanoi and Tokyo which ties
the franc to local currency, our services are especially
exposed to the ravages of inflation. The latter can only
continue its headlong rush, and in a short time, paralyze
them entirely.

In fact, here are figures which explain the way
the depreciation is going:

13 June the gold bar was worth 288,888 CRB dollars.
28 June 276,888
18 July 488,888
3 August 525,888

Although changes in the Chancellery rate can follow
only at a distance the movement of depreciation of CRB
dollars, the latter cannot fail to carry with it losses
for the Treasury which will increase in a staggering pro-
gression.

By choosing a currency which is not linked with
the CRB dollar, notably the Swiss franc, could the Govern-
ment not acquire by a better transaction the relatively
small sums needed for the South China supply?

In fact, at today's rate 158,888,888, the figure
for our quarter's supply in CRB, could have been bought
on the open market for approximately the sum of 758,888
Swiss francs, which would have cost only 7,588,888 French
francs, instead of the 248,888,888 French francs which
this quarter will cost it by means of the special Tokyo yen.

By using the Swiss franc the expense would be stab-
lized and would not run the risk of the great lack of
proportion caused by the use of the present method of
transfer.

Perhaps it might be advisable to suggest to the
Ministry for Finance this method of payment, independent
of the yen, which has the advantage of palliating the
depreciation of CRB dollars, and would also relieve us
of asking the Japanese Government for a sum of CRB dollars
which is going to reach increasingly astronomical figures.

D-5329 (Continued) Examination Unit