British Investors in French Rentes
It has become known that about a month ago Mr. Snowden addressed a Note to the French Government setting forth the claims of British holders of French War Loan bonds. The British investor who bought in pounds never imagined that France would reduce the value of the franc to 2d. and then claim the right to pay interest at that value, which is only a fifth of the issue value. The French case is that the loans were always understood to be in paper francs ; that British investors ought to have fore- seen that the value of their property must respond to the fortunes of the paper franc ; and that it would be unfair to give foreigners a preference over French investors. Unfortunately for this argument the French Government itself, in several cases where it was itself a lender, has claimed that payment should be made not at the paper franc rate, but at the gold rate. We believe that it secured judgment on each occasion. Mr. Snowden has repeatedly expressed his sympathy with the British investors, who are numerous. It is said that about £50,000,000 of British money was originally invested. Arbitration is the best way out, and it is believed that Mr. Snowden has suggested it.
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