Bulge of Belga

With his job depending on his ability to keep the belga on gold, Premier Georges Theunis last week went to work. In few countries have Government expenses been pared so sharply as in Belgium. Yet last week Elder Statesman Theunis, backed by two of Belgium's richest men. Minister Without Portfolio Emile Francqui (banks, copper) and Finance Minister Camille Gutt (Katanga Copper), pared 5% more off Government pensions and salaries, 50%, off rent allowances, a big slice off relief allowances to the provinces.

Such deflationary measures did not help the private business of Francqui and Gutt but, as public-spirited statesmen, they had their reward when the belga bulged above the dollar on foreign exchange.

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