1 /!mce # 1 A I ~~~~~~~~~~I-I -.( U!!OtTsaE3EcYa SY~4 AD WtPORINTADZPAm Zoonomle Department Prepared lW: Sv6nt Anderson. Date: Xarch 10, 19:a9. Roonomic Department Genral Studies Svei Andwere. Marlch 10, . !1!S CM=C 1Y A=m POO U Pj OM( n JWIUBA8. S, 3lometa Uits an hohba. Btes:- 1-9 (maci.) (1) fte Mstropolitan franc Zo30s- 2 (2 The America Teritoriess- 3 (3) te Afrlan Pro Zone:- 4 (4 9the Pacitfic gra Zons- 6 (5) !ni-Oia: 6 (6) Te f hin es 7 nS.~ n e *on 8utoo:- 11 se Orgoneatiow: 13 Note Isasing Poweres- 13 CaUt Activitys- A UTI. PAu n h i -mj ose. 19-20 (mci,) nT. ~h aac f __LTri f7aesOesa eedni- 21-31 (mde.) irench West Africa~1an I ogo):- 26 Preach 3iuatowial Africa (and Ocroon) I - 26 Inezcb, at Africa (ft. Somali Coast, Madagacar, Rewi,on) t. 27 St. itee and Mipwotn- 27 Toe Caribbean Posesions- 2? 4 Oceanias. 27 indo-hia- 28 6.3A Pro&wtion:- 29 1. Note Circlation in the Frenh Depamsenes. 2 a a a a a , convrted, into U.S. dolars* 3. Balanc Shet of the aigdse Central.". 4. _Sumary of VoriA fred of Wrench Overe Desendenis. 5a. International Trad, of 7rench North Africa. 5b* AH.?. an Tog.. See "'J.. and, asroono Sdl, p renh bat Africa, et*. 5*. g ' StPierre and, Mqelone Sf. ' 0 Prancel Caribban Territories. 590 a a froaWjsg Pacific Possessions. 5k. ' InL..Oina 6. Tre of Jface with Specified Dependecies. 7. 1'. B. Trade with Preach Depenaeces. Iconalo Deprmn Oven Anewase. Marh 10, 1949. 9!UJ 0UM=C0 SM( AIM POI"O !RAY JAZEL,M ZE MNMM S, In the preet paper the monetary mochanim of the froach overseas ei8s describedl tgogther with their fo"i trade position. the latter In viewed here solea from the balance of payzents afgle, with no anaa7sle of commodities. !he purpose is to present the monotary framwork In a wide uens vitbln which the economies of the inaividual territories vork. Us fining =y b sunuaris.d as follo: , 1. With the exception of IZdo-Ohina and the small 2reach establis nts ( In InAia proer, the Pran n monetry unit of all the depntienose. In Indo-Ohin the Vsastre (torerwly eq%l to Prs.10), anA In the landes the rupee (euALI to the Indan rupee), are the lega tende. 2. !be w and itis aftermth Involving a series of sucessive devaluatlons of the yrsnc yrmo,0 ha sd the montary uity of the Preach Umpire to break down. Oa2y the North African Trano bas followed the Ketropolitan currency cor pletely for the other pats of 'Overseas lra=" difrnt cotwess have been adopted. Tor instace, the Prane of the Psaific Possessions IS no worth more than 5 Netrepolita iaswg, Ihile the OIA..raso - the urrea of the African .ipendeoi.s except North Africa - m.ow als 2 Netrwoptan 7anos. Ths lrsmch ezchae rate sytem vith its 'free' and, 'avrage' rates has further comn pioted the Situation, 1a, at times, distorte cesrstrates vith third, COMeOaOIs hv bese In effect in a mmber of colonies. 3, In spito of the divergence of ter exchange rates, all parts of the Jench Union are meber of the Piano aea and pool their foeign crenc 1. 2. receipt, em expenitur. 4. T!he Issue of looal curreny Is entrusted to a number of special bsnk, so' Of which ae ovned by pivate stook.holar and carry oa ordinary commercal activities besies acting as note-losing banks. In Zqvatorial Africa and the Wester Moshre dependencies,, hWver, nott isuXig powers are rW vSbted In the 0O0lsse Cestrals d. is Trance d'Otte Nor", an aesnc crated durig the war for the financing of the fre rench Goverment. So $Gdatse Central.' eets considerable infuece also In w"es e tho direct note ise is stil In the bAn of other boks, and it mar vel be that the 'Caisse Central." wll eventualy reah the status of a genine Central Ban for most of Overs"e 3rnc (probab3 ot for North Africa and IrAo-China) * bSusds pefortmg its moeta&ry fntions, the 'Oats. Centrals' also plaps an igmortant role In the financing of the colonial devlopent r . . ffie monetary system of Oeseas Trawe is lses closely liaked to tht of the Mother Country than is the case in the 3ritish Colonies. the mony volme cam expand or contract on the bass of loca assets (gowerpental or private), and need not passively reflet the balance of pments position. Holw- ever, ther are limtatios to this freedom, and, in most cses, the tina sw is with the Paris aUhorities. 6. Inflation during ad after the vwr has bean the gsr rule also in Oversea trac. In North Africa, prlcos bave folloed. the tropolitan course, and is InDc..ChUa te soared even higher, but in most remaining torritorioe the pices level ha Increased on half or less than half as sharply. sed on rude ,cmparisons of prices ad mon volue, the present exchange rtso of the vaiots overseas currendes do not sem conspicuouly unrealistic. 7. Weo the var, tane overs peoi contribted. nearly two 3. percnt of tho worl's latuational trad. Nore than half of the trad, was carried oat bw Ptench North Africa. !ho eports of the depandenclos as a whole are now rou&ly back to the prar lwoel, bat exports are loging bobia, (patimlar those of Algeria and TIdo-Ohina). As a onmequence, tho postwr pe8 ha v boson mark' by large trade ficits, wroupA 500 dillon both in "1?7 and 194*8, whilo the prewar position was well lanced. More tban two-fifths of the 1947 diCit, nd one third of its 1948&aounterpart, were vith the U. 8. Xn 1948, the dependencies bai also a very large deficit with Prane heelfo, but 9 * this vas *o2y oan account of North Afric. and Indo-Oina, while ost othr aroea ha retuodL to their tradtoral role, of maintaining export urplases with the Nother 0ontriy. But as yet iquatorial Africa is the on3r ara with an overall trade surpus. 8. In torms of foreign cnies, the french depoenencies used to > oigily self-suwortig. Their present large dollar a sterlin deficits, added to the North African andL Indo.Chinese doficits vith Metropolitn Pranoe, plac heavy burden on tho latterts already stralnd foreign dmchang position, 1Indiret and lon..run benefits mar outvwigh the disadvantage. 9. gold production In the oeseas territories is a rady but smll soore of hard Currenc for the fraw area. nh prew output was ear to $10 million a year: rising production costs abd blac marketeering ha reduced official prodnation to $4 million ansually in tho postwar period. heo fignre for 198 has not been pblished yet, bat is prolably somewhat higOr as a rosult of a more literal gold price polier, hich mw oke criticism from the Mntary TWA. Iquatorial Africa and. Preoh GuIana ae the main gold, produciog areas of Oversea Prnc; ther ae supposed to be good technica possiblities of ino. creasing the output In both these areas. Gnral 8tuGies A March 10, 1949. in 8M sm w q I ________ Ed=__-arm___n____I_I__a__ 1. 8M RAM, Befor the war, therrency nit of the whole Preach, hpl.e vas the Pran, with the Imprtant exception of the Ino-Chin.ese piatro (equal to ton Preach francs), am the minor exception of the PrenobuIntan rup*e (equal to aprozaA t 12*7 fraes in 1938). Uh currenies of ths vaio s everse teritories wor kept at p with the Metropolitai Prian, Iat wvo lsmvad 1W special s1titutlons. ge war cased the unity of the moetavy system to break dovt aM the wsubequsot lvaliations ansd refoms of the Preach exchwe sytes hav coqpUcat. matters further. As a general rule, the closer a territory ha be to Prane, goe- gaiol and economically, the closer ha its esodhan rate structure follow- e1 the Metropoltan pattrn the extrme aro repesentd, on the oam bad, by kmkZ1__ 1,h~Lea~ wher adherenc to the renc h patter Is ompete, an&, on the other eA of the scale, te ifig lands, where the currec has rMad constat ia terme of foreign echane sinc the antua of 1944, am tefor has ore asno tha 5-anib1.l Its value In tem of Metropolitan Praf. te remaining aras coW varo in positions. Partherwe, the plication in Prace of ffesret (amd fluexhage rates for co_er- cali ad financial perposes Implies that the colois hae haed either to apt a similar stem theselves, or to quote xal (and. possibly flutUatin) ates for the mther crenc. Different comromise soiu+tioea to this probles hav be worke out, he situation wa particarX2y complicated from Jenaxy to October 1948, &rIM vhieh period the "free" qaetatiOn Iu Paris of some 1. 2. crencies, (U.8.&ollws, Portuvese escudos, and later, Swiss francs), cased a distortion of the orosumtes betwee doll, etc.. and othor foroiCn currencies, wh ouaitoad via the French frao. (Trade in the frew qnoted curenies Vass in pinciple, based on the avero between the "free asd the 'official' rates, trade In other currecies was performd accoridig to thelr official rates). nh refom of October 1.948 brouht abot soe simplification althoh - a certain 5distortion still deits where financal transactions are invrolve. * At present, the Prench overseas denencies fall into sit carrency pomps (not incluing the now swoer state of Xaebanon, which li still linked to the Pafo area. Us mpe wet (1) !!he Xetropolitan Francsono (2) the meian terrtories, (3) the 'Africn Francs sow. (4) the Paoific iraul son, (5) Ind*o0In&, and (6) the 3Presh Indies (bench colonles on the mainlanA of nia) ) he devlo ant West state of the currency rate In each of these six groVp is desribe below. (1) i Ib t!mslits Ir . lAne *hi son coposes Ailgria, fudsia and orocc (reh North Africa). The currecy, Issued yi the Zen"* d'Algsrie et de la !uidsio (for Aleria and !uniSi) an& the Banque W Rtat di Mro (for Morocoo), has followed all the mvsats of the Metroolitn Prance fixed at 50 Ire. to the V. S. dollaw after the lberation of France, It wa devalcd to 119 Prs. pe˘ dolar In ombor 115; In *anay 19148, the official rat. was chged to 214 Irs. to the dollar, with fianial tranactloes in U. B. dollars d Potuguese escudos (mlas Mes frans later on) caried out at the free rates of the Paris mrkt (stertlig around 306 Irs. per dollar), and export prooed pad in the _aw crrencis convert at the averse of te offiil and the free rates. (tmoija vere, in principle, pad for at the fllU free rate, but maV essentials were exempted and 3. d' foor oay at ts ae). JM1 in October 1948, the average rate vm Mae the ffective rate for all trai tr'anationo, so that the coatroverudia 'istortlon of the coros..raLtes2a wa eliminatedt as far as @oetci.1 transations we concerned. !odW, therefore, the baic official rato, 2i4 Ir. to the dollaw is not effetivo for ce tranations: the fee (Parls) rate 318 7tr. per 4ollar In Javay 1949 - Is applid to fieacial transfers in hrd curnaciese, t*vAit Income, etc., while, fSall, th, 9avrwaO rate _ 266 Irs. per dollar is applid to trAs transtions La dollas, etc. t auzi to all transactions In curreniea not quoted on the free mrket In Paris. Oomplote puallel.im with the etropolito n Pian has tbts been pro. s .Uhout. Iwmr, trasfers between Xotropolitan Prime ad North Aica ae sa bjec to control. (2) AAiM Z _IW121wmA. Mke beh oessessions In the Antlnls and. 7eah GIana followed th Metropolitan baae at the Beor 1$Smdova.1zationg ioe., the dolawr rate was chaged from 50 to 119 rs. 8ijmi1ay, in Jamy 1948, the official dolla rate vas chamged to 214 Irs. s In Metropolitan baw.. 3ut the fre& Pais della rate at first 306 its. pe donor - was only app3ied to finanial tat ns omrild transactions had to be carried out at te official ollar rate. !he rason for thg deviation from thie Metrpolitan patter as that the rik that trade might utilise a distorted. oross-rate pattern for commodlfi arblitge wa greater In this are wber Ame cam, rItish, beach, an Patch depenbuces we in close prouity ad he intimate trade conections Ij i.e. the rates between dollars (0eaos anLd Siss frs ans respe"tivel) sa other urreaes as oempted via the aIrm. '4. beteou thor an with the V. 8. 3yr deBing use of the fl otimasttig 3avers" dollar rate for Smpo A 640rts, the cross-rates betwen Loller an other cmyrencies vre n at the offlcial 1le , and no It offed to coVmditY abitrag opatione betwetv tha t ole3rrea aM thx owntr1ies. The currnc rate sytem In this are was Ml changed bW the latest Wrenwh reforsf (October. 198). Me effective rate of te Irmo for the Amein territories ts stin 214 ir*. to the U. 8. dollar, with financal trns- action a on3 being caried out at the frenollar rate (ow atly 318 rs* Pwr dollar) * 0nseq1mt1y, the ato betwfeen the Americb an& the letrooalitan lrai defates fom unty in so far as trade trasations are concrned, the Amrian iee beig, at present appozimately 25% more valuable for trade per- poses tbh te Metrepolitan Vw=c Until. the reform of October, 196, this sgic SHM10e On3 to Aa2Jr trade; sinc the rora It 1pplie to trae in All foreign csz'renoies. (3) !h. MR. Irn lM. Edi very isiportant group of Vrench dependencs consists of all the French Colonies and trust territories In Afrla, that is, all french debpendies In that cotinet wIth the eoptIon of 7rench North Africa, (Algeria, %nisla, and N.r.c.), MT sow incIMes Preach fest Africa (vith tbe. mandate of og)t rench Ugat,ri Africa (vith the mamdate of Oamon), rech BomailamA, sad a eunion: the small Trench islanAs south of e folaln, Bt.Poerve. OA wvmelom, also belw g in this curreny groV. Is this groep a Irma reat of 70 Tra. to the dolla W0Vaietmtil Jmay 1916, wdil the Motropolitan rate vas 119 Prs. to the dLoUar. hs, os Atrican franc () eqUaled 1.70 MetropoUlt Trance In Jasnury 1948, the (VA4ro wee devaled to th sam exent as the Xetropolita t raI , ad 1te free (Parls) dola rate ame into effect for finanil trasactions. The official dol11 rate blose 126 CI&Jws. (16 x 1.7 a aproez-mately 214), au coutrat to the sstea In the Metropolita Iran sonw, all comroial transactions hal to be oarrSed out at this rate. therefore, so qestlonamOs, of 'd.stortad. Moog-rates, vis-a-vis the poul sterling aOA other currenciese. O the other haul, this Implied. that the rate betwoen the Ntrotpoltan anA the 01-re*o, It coqatel via trde trasactiou i lollets. nov ec.8e& the official rato of 1,70. On a cootmcial tllo basl, the OVAJwanc was now wrth roughs 2.06 Metropolitan P08os, which, as the fre dollar rate grefinally 4Nbel to 314 * Metropolitan shdo, reace .09 before the ameBaets wer %a&e to the Irench currency sptes in October, 1948. Theoretioally, this deviatiom lu ed th possibility of *commodity arbitrag.' vitbin the Prsno areaon the one hand it would be profitable to pay fr Metropolitan dolla:1 iorts vith dollas acquired with Africa frau..; an the other h,au it woull paw to repatriate the procees Of colonal eports to te doll area via the tropolitan Iraa n son. If cned. out to uw substantial extent emoh a procsre woul tend to shift the .11wt doficit to the colonies (withot chaning ths do1lr situation0 of th total Inan area), but the t..cha obst Ales to such operations a" geat and,, therefore,, It is not belied that thay hae bee carried out on a large scale. !he wef rin in Oatotr 1948 rduceL the discrepanc between the offc rate of the 011-IanP to the Metropoltan 3rzc an theo haul and the o on oross-rate copatal via the dollar on the other. Officially, the CrAJran wa made oqal to 2 Metropolitan Iros, wbile the olla Mate romand. atDm at 126 CIA-rs. as the official fied rate*, appabe to cmurc1al transactions. For financial transactions I dollars the free rate ow rouhl 157 07Afts. plr do'Iar - cotinsd to be in effect, while, as an ioation, financial transactions in no-convertble currenis beome basal o the avasW rate (L.e. about 0I1-Ir.52 to the pound Sterling). 6. Apat from the fact that the (fiultoating) waoreU" dollar rate in Paie, no Varning trade traseations In &U crren,tes and at pesent stand- Ing at 266 Irs., is slightly higher thn twice the (fined) CPA rate of 126 Pr. to the dolla, tbere is xov Wprllesm between the Metropolitan and the F rn. at a rate of 2 setropolitan Iranos per 0WAJPranc. (4r) ~h aii rn oe Use Ira ircmlting In this sons (the 0l? aao) is the curtreny of the Wrenh possessions In the Pacific Ocea, the most lportant being lew Oaledoia, Society Islands and New lebrides (a Prenocbutiitih CodAomislon). fte ecaoni 21fe of the area ti more closely assocated with the surownlg Britith and America GapeMendse than vith the rench Aspire. ConsequetIy, the exabe rate of the Pacific Irane Me 'been left untoued through all tbree consctive Fran, davaluations avd stil stands at 50 Pre. (or, more accurately, at 9.6 Irs.) to the U. S. dollar. As a result, one 0o1Pano is m equal roughly to 5.3 Metropolitan Tra, the met rate flnotuating with the OaverWge dolla rate In effect in (5) lIf.ha. The metary unit of Tren I[Mo-China ti the IM o-Obies piaste, fomerl eual to 10 Metropolitan Mranes. At the devalation in December 19h th piastre followse the 30 devUation. of the African (MA) Yran, the dollar rate beodnag 7 plastre per dollar. Since the Metropolitan Iran vas devalued dsimultaneousl I 58%, the piastre was ow worth 17 Netropolitan ranc Instead of 10. ft the Institution of the fl:ctuativC dola rate in Pari In Janry 1948, the piate was devalued to the se. extent that the official dolar rate W, dcaed in Iranc. the parity of 7 piatre per 4oLlar was altered to 12.6 7. piastre pe dollar. Tt so fluctuating rates vere introdnuset in IMo-hina, and no ?osrata distortion verisa the tstlrug of other Zmts cnreaies arose; t1_ugh suh a distortion me ceted In .lgation to the Metropolitan Pm., as vas alao th case In the 01A tons; Uaed on the average tollar rate effective In Pais, the cross-rate with tho Metopolitan Pane vas avoun 21 Fre to the 1iastr an compared to the official rate of 17 bas. Witlh the reform of October 1948, the stuvation vas uimpftied in re.. lation to the Metropolitan bane but vas mae vore complicated V15-aoSY15 the dollar. !he official rate of 17 I etropolitan Pranos per piastre was ma, sore effeotive in that the ftze aollar rate of 12.6 iastre vas replace, bw a fluotuaut tug - contd an the basis of the fied Irmo rate avd the 'average' aollar rate In Parts, aiZl a flactuating n tolaw rat based on the fzed Wrn rato and the free Parlollw rate, The rate of nob-convertible foreign rories was based, on their quotation ia Paria. !hus the dlstortion of the cross-rates with the Metropoitan frn oeasedL (6) 1_. ench LUe. fhe grop of smal Wrench colonies on the lndian NainblA (PodicheiW being the most Imortant) reprsents the silet oease of all. !he mrreW unit ti the Irench-taian rupee, ant, in recogeition of the closo ecnomic tios vith (foarerly fritish) India, the Wrech-Inaian rupe hs alms ofll8owe the InAisa rosee, the rate of which been 3.3 ropses Per U. S. olla sinco 1940. Oonset3yn, the Wrench,-lndian rueo tod&q corropodls to approxixateo 80 Metreoolitan Wrncs, the rato fluctuatiW arount tbis levl according to the movemets of the 'average' dollar rate in Paris. 8. So resent set..p of the currency rates of the Wrech sol ts tabulatea on the next page, which Is reproauoea (with small ananAmets) from the IMF paWr ID 726. All fluctuating rates are computed. on the basis of a free dolla quotation of 312 Metropolitan Pcnes: the present-dy rate oscillates aroun 318 frs. It must be stressed finally, that however divergent their exchange rates, all the overseas territories still form part of the rae sones. They pool their earniag of foreign currencies ani receive their allotests from the pool. Howevr, it has been officialU declared that the allocation of foreign curreny to each colony shl, In Wpiciple, at le"t eqtl Its own earmingsY Teobmically, the foreiga exchange operations tae place throug loeal exchange effices (offices des chagses), which, outside North Africa, are directed by the tOaisse Oentrale de la francs d'Outre-Mer, the general work of which institution Is describE4 In the next section. b/ The diister for Overseas rance, XCOstejloret, at a press onferec lebray 2?, 1948. 9. Cwoss.-iate L/ orA&I ga 8 MA I rate a odsa AbSterln, in unffits oros-zate 1. Metropolitan son0 1* (ixm) 1 Trade 264 264 z 4.03 . 1,064 4.03 1 Fina $314 264 z 4.03 a 1064 3.38 2. Aaerican 1* (fxeo) 1.23(2 6 1'Mot.) Trade 214* 21 z 4.03 64 4.03 Territories 214 1 Financ$ 314 264 x 4*03 1*064 3.8 X 3. CP.A. 2* (fiz4 2,09(ak)(flwt.) Trade 126* 126 s 4.03 508 4*03 2 2 Finane a157( 1,064 s 2 - 532 3.3B 4. C.F.P. 5.3 (fluot.) 5.3 49.6* 49.6 x 403 - 20 403 5. lndo-Ci 17* (fixed) 17 Trade 15.5(215,3 x 4.03 66.6 4.03 Finan 18.4 15.5 x 4.03 - 66.5 3.38 6. Preaobmindian. M¶pe" 79.7 (fluot.) 79.7 _ 3.3 3.3 x 4.03 . 13.4 4.03 * Ind±oate the baiofixed rate. In sow oues ther are two basic rateo, on to the from and one to the doUr uhich ma give rise to kenn cos teh f the o the trioa 10. II. !U NOI In conoritvy with wanceas general colonial policy of consistency asA vnlforty, the consolidation of the overses epire 1i the nineteenth aen earlr twentieth cntuiefs wa acecopanie& by the adeption eerywhere, except ia InLia and ISD8ObCy, of the French Zma as the monetary unt. oeer, the central. lidsg teno was nevr carried to the logical extreme of simply placing the Metropolitan ceZncy in cirulation as the legal teando of the colodes. the various colonial francs wer issed not by the Ranue de rance, bat by a nmber of sote..lissig bak actin for a single or a grou of territories. Tpically, thse btaks were ordinary Joint stock banok whioh also performed comercial ank oprationas their hesaquarters hae gsnerally been in Paris. As mentionA in Section I, the local francs ver kept at pas ith, and freely itetr 1a with, the Metropolitan currency. Rt, in contrast to the Rritieh practice, the lowal crrencie did not "equire a 100 cover by etropolitan mony; inteaL most trench colonial banks of tisse adopted a fractioal syte of coverage rquirin on-third of the isse to be backed by gold or Metropolitan cerrey (including hig liqud assets in uh currency). he situation before the recet war was, threforo, that separate banks of issu ver in existene for Algeriat, Moro trench Vest Atrica (vith Togo), Wadbsaw, indo.Ghius- Ouiana, Oudeloupe and Xartinirae. Tunisia was served Iy the Rank of Algeris,. iqatorial Afric and Camoon by the Vest Afrla Bank, ile the Rank of Into-Chia, in aition to issing the piastre note In the area of its main activlty, also mdaad the issw of loca currnc In the French lndies, Jtench SomllandYi Nrew Caldeoia, am4 the smulr Oceaiau passessions. The ise pivilege in StPiexre anA Niquelon, finally, was exer- cisel by the Ranojie FPrame* The Africa Sost oast use to bhae quite a cosimerble tra* vith India. 11. O!he oopiation of Metropolitan Prance during the war and the setting up orseas of a free rench Goverment, which was at first ony a led n som t.rritorl.s, lea to a series of radical chages In this sytem. In the territorieo cotrolls by the "National O˘itt.e", a comon rudientary central bank, the "Catuse Cetrale Ie la Pranse I4b1r, was established by Decree of December 2, 1941, Its princpal function being originaly to finsac the activities of the National Comittee thr h local mowne Lses. Before the lberation of Prance the "Caisse Oetraleu was alreay trans- fored (IW Deore of Pebruary 2, 1944) into a perment geno for the monetary of overea Fran", ad was vebaptled the 'Cats .Oetrale la Prance dOutre.Jer. Since the, legislation has comsow ate and esxando its activities; Its presst statutes are those which were drmsn up on October 24, 1946. lover, the a0idoe CetraUl is not - ow not "t a genin cetral book for the wholo of overeas Prance. It has the pviloeg of diret note isse in a numbr of territories, asn has conideable powers in the remainderY the most importat being the "right of ishireot lame", It.e. the Cisseve SCentbral.' mw demand, loca currncy frm the baks of lse s1iy by croeting their accmtoun with the repective amounts. whther the Ci8ss Centrals" wil d*elop Into an ev more smbition undertaking remains to be sen; its gr vau3 definitely Like to see it established as the Central 3ank for SU overeas Irance. At preset, the "Coloss OentraleU acts directly as bank of issue for the folliag territoriest Premh Squatorial Africa, with the Prech mandate of CaOneroon lardetiniu Preach Ouidna St,Plerre and. Iiqneion -'' h~~Runone With the exceptlon of bd-oChn amd Nooo, In which territories tho 1944- A- 16- _^*t%&m m 4%+A aftAft 12. Iu the reainPing, ean lsxger, paxt of the bnoh Ropire, the old eot.4suig banks contime their activittei. A pardac: has Qweloped here, mwzaly, that ile the comercial baaldng in the colonies is lavge1y carried out V the large Paris baks, the Isms banks, with one exception, have not Ieen mationaised., although some charters have beet, or are In the process of belng, emend.d. The exception Is the Bank of Algpria which vas nationalise. In 196 andL bai had is ame changed. to "eque de 1'Algerie et de la nAisIeo the !wdsiaa Govrnmet has been a2located a share in the capital of the bak. A refom ts also Msrva in Indo-ina, where the isue rights of the old Ranpe d.'Indbins hae, In pinciple been abrogated, so that this bank In futur,will be par3y comereial. !he mw system, however, setftng p on atonomou Central Rank not li1bed to the 3Oasse Central.Ul, will not be put into effbot before paoA bas bee established. a0a therefore, the Banque d'Iad.o shn contines Its monetary fonations for th time being. In the minor areas of Its note-isxng activiteits status remains nwhaged. Us harter of the 0ssue be8 for West Africa (Ranque de l'Afriqw Occidentale) vas to sipire In January of this year informtien hs not yet been redeved as to what action has beea taken in this ouneotilo Its isms rigtts In Satoril Africa (with Cameroo) wete taken over b1 the "Gaise Oentrals" when this Institution was esablishe GOnsiderig the deciasvo role which the aolsse C1entrales no plays outsAe 1ndo.iaa and Morocco, Its orgaisdtion and. ftŁno oUw be described In some detal. Saoa3llty, It is an official ut autonomous institution ohar- ad with the dval fulotion o˘ a Oentral Rank a= a financing agecy for overseas Geveolpst. Ihe lattew pwt of its activities are dealt with elsswhere,I and * (ceania. -et*,) 11 COftn&v on Trenah coloni deelowent now belat prepared IW the Afric mad 13. epasis wil be aive here to the first aspect. ahe dO4toAv _ -eAt of the 's0s.e Centraleo is entrsted to a D)irotor.oenera* Important mattere are laid befoto a board of suervlison (Cmoel de Burveillanc.), which meets ordinarily once a month. The bowd bas 17 members; its Prsdent i tapoited by the Mnis*ts for Ovwreas rance and for 2inaoe Jointly. trther, these Minter apoint 3 aiL 2 rop"sentatives "respetively for their XMiistries. The rest of the board os made up of One re- resentative of the nisty for National UoonDu, tie Parliametarians, throw Trdo aUion rresontatives, two representatives for the big nationalisd banks -tich have egancies In the colones, and, finllyq, the Presidnt of Credit Natioal. The board elects two of Its aembers to a tbrse-ma reviewing boad, fts Comdsion de Ctesurs, whichj, in addition to the examination of the acoont- g, etc$., hs to approve certain decisions. Some Important meases am oly be caried ot with the apprval of the Minister for Overseas Trman or the Ministe of finanoe, or both, As alrreay menione, dthe 'Caise Oeatrale' is now the sole note issui- 1n asnq for Jrah Iquatorial Afrleia, iluding Csmeroon, as wel as for leuxion and the llsten Hemisphre depemieis. The COaisse Centralet emer- aise this Wilege throug the old isome baks which Ost now be regwded priarily as agenies of the 'Ceaise Ceatrale'. The 'C0aise Central hae the rigt to guide these baks in their polictes a Is entitled to ask for all pertinent ieormation and docments in thoir possession. By adaimistrative decislon, the iSue rlghts of the 'Cause Cetrale' am be szmed to other territories but, in aca ose, the 'Caiess Centrals' ca i_l c the mntay situation in sc torritoies by meAs of the so-calld 00~~~~~~~~~~~~~~~ 0 Id~~~e 15. Also Its longmtorm suport to private aterprise must not eOXsi the mm of the Moneral catal fun (one bilion francs), plus acc>Uated reserves and prooedS of possible loae raised In the market, rher;miore, all dwelopent activities met b vithin tie fromeork of the lontore plan for coloial dvelqp3ent at approvd bI the Bard of 3IDUB as wbose agent the 'Ondsse Central.3 acts in this fiell When a lig local currenc for Gevoeepent yrposes, the 'Cat.se Centrale' natur has to consldw the possdble Inflationary impct ipo the local economies d this ti one of the reasons why the doelopun t8uAgts s3b- mitted by the orseas territories hav usually been substantially r.;d/ noe 'aisee Oent ale' arse#that considerabls afvatage voul follow a reslt of the entenson of its dirct rit of Issue to territories such as french West Africa asd Nadascr. e 'Ca Oentrale' Itself vwoul not create a ne network of agencies bat w8ou mobe use of the facilities of either the ezstig tsme bnks or of the vatiomlist eomrctal baks. Creito an. transfer services woul. b oloa In as mach as the tendenc of S a the peent isse bank to abuse their iose rivileges bw keeping suc facilities vnduly epensive ould be counteratte efftctively. It might be assumed. that the iediret issu right of the COase Oentrae' wola be sffdcent for this purpose. bt apparently this is considerd too clums a weaponbae of the formalities which clrcmsribe the use of this right. Ike activities of th OCadsse 0ontrales bav alredy beoe of cosider- *bLa finacal adLvantae te the tr uries of Nthe new epartments".3/ 7ori.. ly, in orde to obtin, credits fre the issue banks, it w" necessary for the / a0ordin to a1swer by the 'sateisse Central to a questionzire presented by a ystt cOItD (undated bt presmbl 1;ttd inhe vinter of 1947/48), locl propals had been ct bw on the averwae /In its aners to the uestionusr rerfer to ifootote abov. 3/ Reunion, Xartiipe. Guadeuvpe, rench Giana. 16. loal goveramte to ride moneI P1ari by means of Treasry bill at a cost of )j% to 0. lov, the NOCase lentrale provides the redit by opendg an accout vith. "Service de la Dette' in Ptis aid no cash Is actuLly raised In the market. Uh Interest rate of the easiee Cestrale' for thid parpose t only 1.3%. At au even lewe rate, one alf of oew pecet, ths Caaiase Central.' ha me" advances to a eo.cafled lyalieation faiA oreated for the oreh Anttiles for the purpose of seping down, Is ujibsiles, the pioos of essentials after the 1915 Gevoluation.luI Yor advances to the territories for devlopment vm*ovse, the "Waisse Central charges a rate of 2%.ZI Credits for this parpose un&1U have a 20m5 years amtisation perlo&, the first five yea bOeig free of amrt- Isation. Pinally, a 2j% rate has been appled to comercial credits, mst2 inl the fom of discol nts. !he Caisse COetrale. has also soceeded in lowering the crdt terms of the elisting bank. in the attached !able 3, the balance sheet of tbe '˘alsse Centrael' as of July 31, 198, to reprOcd itn CodendG fom. !The total blane as of that date wa lwe.32.5 billion, or roughly, *100 million at the yresent fre dolla rate. Newly two thirds of the total asset. conist of advances granted to the lbtropolittan !resry for it. overseas expenitur, and of other clalss IN Metropolitan Praws eac as cash and siht dePosts with the freasury sd the Banque de rance. about rs.*8 billion or little more than 25% of the total consst of claims upo overeso territories, the main debtors hee being the 2oca treasuies od smller public bodies (r*.3.3 billio3), banks (Fro2.2 bIllion), aud the oveses exchag office through which foreign echag transactions Of the oveoseas torritories we chanelled (3r.ol.8 billion). mhe activity of T/ Ihe subsiAy credits are to be repaid IW means of the proceed of an export uty. 2/ origin stipsults a rate ot onl4 i% for this p oe, %at amently this has sImce bee changed. * y~~~~~~~~~~~~~ I i E a s t g . 0 , g 4 I g W 0 t @ e | f R 7 , I 2 |. . 4 i y } * $ t s f { w t 5 [ t ' a *o " ' W { i i i t I' g I i X i I i '- I I t y g g t i* 18. "oration mq be dlfflclt to porforu)). fut these povr are eiuawasoribed vith varloug saeBuards, aid as a rale, the oQa^ authorities psq an2ly a advsowr w"eI i their afiistrationo fte tisa d&ecSsSou is waf In Paris. 19. Sre. MQ8 s Am zu N Mn. ldke the utber conry, Overseas Prane experienced an Intflation uwing the war which, Is most cases, ha sdice been saWaVated. MAi i ion was of course trzatted. largeIy from otbi thruh bIgh import ad export pricss, and proted. furthr 1 govoret tpe re. Prices In North Africa have followed rovoily the oame coure sa MetroPoltan Ire. Cbr nwf, a tWent- fold inease). In most other depeosd isol, excoept lndo.Ohina, the priSe io. ceage ha bee ob*y as "Weat. !ho tcal developent is initoated belows Cost of Iivx ic,2 tobsr 1948 as nretof ea, Genesl, allowing for hange in ye rig IN Moo0, o s. !mais 1938 S805 1872 235 Abiajan (rec Vlest Afroca) 1938 8192/ 957,2/ 228 2q1iatoria1 Africa) *Oot1938 862 892 239 saio (Iest half of 25714 _ 628 193 NOuIa, (tew Oaledoa) 1936 521 676 * lanmarive (adaasear 939 _ 87 t-:h ;/w! In the lat oolwm of the bl, a computation of the inCreas in the cost of lUta ona dollar bass Is given. In orth est MAquatOrIa1 AMric 3an in the paoIflo the deV&laaation seems to hae bee nearly adsquate from a purdhasing powr poInt of view, brg hat the orlA price levl (in Aollars) ha aore tha doomsi. In the other place liste/ho situation is lofes satis iu Sewpe Bed ony. Most other foo. its bae risen aonsiderb2y more no In&= Is available. SI Jo prce statistics for the arribean territeries aro availble. 20. As wll be teOd from the attached Yable 1 (note circlation in the Fench ees), the monetary siension bas generally mlord the prioe v tso the note circlation having risen someat more steeplr.)/ In !able 2, the note circUtion has bee converted Into Gollas. On this basis,, thN more Important coloies have experiencd aronA a threefoU ox. palsio@, ia their mone ,unly Considering the doubling of the world price level sinm 1938, anD the general *lpanolon of the economic activity ia the colonies tkis soeem to iUdicate that an a mote volvme buss the porsent excha rates are aleo not too far out of line with the monetary realities, lIoOhia befig sn Mportant exception. However, In Metropoltn France, whr the 8.. valuation has bee more radical than In most dependencies (see Section X), the e irculation, On a dollar basi, is 3.w o7 15% abo prewar. Of beak ma savis bak deposits only scanty statistics are avalable, bat their importanc Is the colonial aroas Is generally smal so that the note circlation cives a pretty coo. picture of the msontary deloipent. North Africa, with Its more dvarn*1 economicfstructure, fo u an exception; here, bank de tos exceeded the note circuation before the var. Since then, their move- mout ha nealy arlleled the expasion In the note iose: In Algeria and lleo"o bk a increasd frm .8 bllion Francs In 1938 to 7* billion Prance In the outne of 1g8, hl1e the note isue has smltaneously multipled from 2.8 to 66 billon rancs. As might be expeted, savisgs bank doposits bawe lagged somewhat behind; from 1.2 bllion ranc 1938 they had raohd 104 billion races tea years later. Jte destuctio or disap _arane of notes is suppod to have been quite con- siderable In aoe places, so that the actual circlation Mey be lover tha utlatisically roece 21. IV. O wpwm ow UM o am, a OS $ss In order to give a proper perspetive of the economic Importance of the Preac oversea dspenAcies to the worIA In general a4 In particular, to Wrnce, the size and geogr;hIcal distribution of its foreign trae vill be aalys4 Urlefly. fhsuaterial, 'gion 1b regior, is presented in the attahebd 9ables 417-1 It is realised, of coarse, that the trade figres Illustrate onl part - although IW far the lager part - of the ulances of poment of the territorieso. earnes - tourist traffic, government expetditure d, bt service, ete. - and other nvisi'ble item such as traAnfer of divideAs and profits, eigrates' remittanese, etc.* hae to be taken lito account. On most of theso poits vary little in- formation Is available howver, ivestigation of the debt ad the debt service of, d. the direct, iwestmatse in, overseas Prance is ic In peoess. When uslag their foreign trade a a first approximation of the blawes of paymets of the depeadoeies, It ast be noted that imorts ae recorded at c.i.*f, experts at f.o.b. prices. With lUttle shipping of their own, this Is a ver* realstic procere for the overseas territories. of the world's internatloml trade in 1938, $22.1 blion (based on good figres), the Preah Epire's exports aounteod for 1,9313 millions, or 6%. two thirds of which represeted exports frm Metropolitan Prance Of the vorlsts total mports oi co.f* basis, $*2.9 bilion, Metropolitan Prace took more tha 5.39%, ovseas rance 17?%, tebdr joint share smoutia to $1,743 ll3in or 7%. A characteristic feature of this trie has alwars be the large role plWed by commerce betwee rae anw d her dependencies. Of the eports ~/' fabe A states tho total trade of the rench dspeniencies broken dcv as to trade prtners; tables 5a - 5b preset the correpondig Information for the iniviual territories or groups Of territories: tables 6 ad ? present Preach uza I. S. statistics, respectively, for the trade of uran and the U. 8. with the Preach dependencies. 22. from overseas Prace - $437 million in 1938 - $302 million worth of goods went to letrepolita Prane, and $23 million was traded amengot the dep.mdonoiss, s that e3ports to the "est of the world amonted to ouly *112 million (26%). Sil1ar1y, out of imports totualling $21 million (c...), goods worth $*25 milion camo from Prance, while overes lnterwtrada on the Import side was listed at $30 mlUion, leawing a balance of $156 amllon (35%) to the rest of the world. Prench Worth Africa accounts for between om haf anA two thirds of the foreign trade of overseas Prane. Furthermore, North Africa, In lmrtioular Algeria, Is evn more closely Ui*d to the eoonovq of Metropolitan Prane tha the rset of the BApre. Apat from North Afica, overseas Prance in 1938 La. ported goods amtig to $171 mllion ($90 millon from Frmae and $12 million from Preach depentencies) and. exported goo amounting to $194 milion (127 mllion to Prance sad *8 millon to Preach dependences). As will be seen from the folloving sumay tables, the dollar value of imorts into overseas 7ranc has aore than trebled from 1938 to 1917 siL 1948, while exports hae little more than doubleds *oreia frda of Ov frn1e / IlllSon. of U.8. doUars). Z~a ~a h~ Z~Ahf Im.t &R kia- Frase 245 302 57 722 686 .36 855 65.0 -219 Prench Depeencies 30 23 _27 98 - 97 _1 107 11,0 < Total Plan Aea 27S 325 50 8o 783 962 730 -2l; other V.6 112 -. 51 466 161 Orad Iotal 42L 43t 16 136 908 /456 1428 911 -Sl, New Bas& on the trade statistics of the ovreas territories. Fi For most teritories based on 9 months data. 23* P,r.lg Trade of Overseas Prane exclusive at PreAh North MreAi ~ (Hillions o . 8. ollars) hia.k 1E1Q41M. -_ 1 x a mat orts 38,- =aA xwd a Pronce 90 127 37 286 268 .18 279 292 13 Dependenies 12 _8 .4 40 60 20 41 67 26 Tetal )rao Area 102 135 33 326 328 2 320 359 39 Other 69 9 .i.1 230 74 -146 236 629 16?, * & !Granotal 171 1,4 23 556 402 .154 556 428 -128 Iu tho absewe oa overall import aid esport price indices, the pysical volum of imorts and exports mq give sow very rovXgh indcation of the recovery of foregn trade In real tems. In pwntity, the U had reached In 1947 the 1938 levl of 6.1 millin tons and In 198 may have excee 6.5 millon tons. 3nt lnde-Obina and Algeria lag behint, while Norocco, Preach West Africs and )Edgsetar are better off than prevar. On th export sdoe, pte ictue Is not so Ubrgt. !ypcaiy the Ajo,s from overe Prace consist of prilsy proutotS: thIs ivel ill8strated alreay by the heavy weigh Of th exports: 18.2 millen tons in 198. 1dl levl ti not been regeined, as yet* In 19 the total do- ports wre 12.4 mllIon tons, in 198, 124 alioa tons me hve been reaced.. Ilo-China and Algeria are cheny roeposible for the declae whlle Morocco also on th export side bas surpassed her prewa achievements. tch. crude I8dession of the teoms of trade of the oversas territories as ca be gaine frm a cepari- son of the e 0ovlopmet of the elations betvee the value ad quatity of their Imports and ezports, res tively, sugget that tbe gneral prce mvements have Based on the trade statistios of the overse territories. 2/ Jor most territories based on 9 maths daa favewr& Ido-Ohma smbstantially, and most other aepsndei to a certain *xtest, %at ru oomter to the lter*ets of North Africa. A p1iU_inar U.10.stv8y of the postwar prie relations In traeA be.. twee wdmt'developod and industrialled countrisi has also examined the poition of a nmber of Troenh depeadencie3. Ihe paWr fins that, while the t or trde of Treonch V.t Africa have Improved noticeab3y compaed to prevar, and those of 11d.gac s2ghtly, so marked change am be fown Izi the caso of Kartiique and Guadoloope, vile Troh Giana and French ftyatorial Afrioa have ipetienced. a considerable deterioration. Whil, befoe the wa, their forega trate balaoed rovSh4 0n an overall basis (and In 1938 showed a small ourplus of $16 milion), the saging of exports hs 1.t to heavy mport surplasos in the postwar Years, reaching $W6 md1l41on in 1947 and. probabl' oceeing $500 dllioUn i 1948. No tbhird of the deficit it 1947 and oer thre fourths In l98, was on accont of North Africa, wbere a series of bad. harvets ha tred the area into a not imorter * 0 t of Vtalu. !h depea&en.ie, and., 8iL particular, North Africa, a"e sponibler theref for a large shr of the pWats diffivcties of Trac. fTrther- sore a sbstantial pat of the eficit - 1414% In 9147 and 31% in 1918 - has been (in millios of dollaro al. witL france, and Dependoies 50 2 -12 Sa1.ith U..A. _200 ..16l Ral. with rest of worlId . p21 . _.44 !otal balance 56 ..517 25. XeaviM out Forth Africa, the position apars as follows: rld, Nalaoes of the Wrench. Dpint1e s, eza-1n site ef Rene Ioith AfWijiL Emillions of V. 8. dolars) Sal. with lraue axa Depoealenies 33 2 39 Bal. ith U. 8. A2 -92 -71 Wal. with "st of world -8 - _16 Tota Saloo 23 _15* Apart from the V. 8. A,trade with the Westersphew Is isig midf- cant. Ihe Gollaw delft is divided, smevhat more ova3y between North Afriea and the rsmier of oerseas eim than the total deficit, North Africa beig rpomuble for aproiiateiyv '5% of tho loller dfcit both for 194 ana 1958. With areas other than the franc area and the U. 8., North Afioast shar of the deficit as 71% In 19475, bt oml 33% Ii 191*8. ovwever the east difference between North Africa and the other overseas territories Is to be food In their trade vith NU_ ,MtgLmk=u* whero, sie the war, Nlorth Africa has shon sieable deficits - $18 million In 1I , andt even as mwh as $202 milion In 1918, Yw loe the remaing territories, as a whole, hove been abe a roximae3y to balae their trade acbcunts with the mother countr7, ad, in 1946 ev had, a small surlvs on this accownt - a partal return to the prom war pattern Also, North Afriea carries a small deficit with the other depn4- o dollar dficit of the French depemencies ts in mrbal contrast to the ollar surplus of Grat Britains colonial emire, anl it will be noted that the Freh colonies, en before the var, lid. not as a wholo contribute ct.Z !ie statistics of the las thre mnths of the year we liksly to rehcee this figre. 26e to Pmeltsa dollar balance. RefriIn to the attached tables for details, a few r _maks should be mde about the position of the idltvI(a:l area outside North Afrlca. &aen& Weal Aftica (mit b0l;~ A 1938 overal ficit of $6 minion d, gronm to *66 million in 194*7, butc sCn to *1g3 mllion in 1948. In the latter year, there was #a actual ,@pS with Metropolita france of $24 milion, but there was ttill a considerabe siecit with the U. S. - $192 miion in 196 agaist *36 million in 1947. Iefore the wa area w ha so sUtatSia dollr defiit. bis area rams a deficit wvth the V. X. ant bitith possessons which, i 19948, aounted to *7 amillio Us adicdts menitioned must be vime against te baok"ro&d of a very substantial total trae, iports amonting to 155 illion ad, ezports aMOUtin to $2*2 milion In 1*. Pras uaawa Afic (n Gmroon); !he total trate of this group of colonies is oly about hal of that 0 for West Africa in 1918, the total morts were $75 million an total zpoKrts *82 mllIon. Bat this sa epag regio; tbh 1938 figures we only $15 mi4l oasas w. In 1948 It had a suplue with frane of *2*1 million, aSA the dsflcdts vith other cotries dit not furl offset this su, so that aloe amongst the majo frenc dispues, l1huatorial MArias vintaimd an overall sauzlu (*7 illion). M!he was a oiear eicit of *10 million, but to some estent this to made u bp tho gold prodlction exported to France, probbly arow7t 21 In French colial istatistics, SjAis includ in the trade figures. A few rem s ont s goll production of Oversea France il be found at the oed of this peper'. 27. In 1948, thts group bd an overall trade deficit of $22 million, with biports at $92 million mn exports at *70 milino breatkdw in available for Runone, without whlh isUland iports amte& to $71 aillion and exports to *56 million. fhe deficit of Madagasca and Soualiland, $15 milion, vas 2arge- ly with Britieh Africa and the U. B., the latter acconting for *6 milllon. Therw was a surpns vi ItdoOhia of *6 million, offst by a similar deficit with Xetropolitau frnce and other rench wedce cbined. the. small island with a total trade amuntin to a few mIllio dollars had a ovewall eicit of *O.6 minion in 1948. The deficit with their neighbour Canada nd V. S., owever, was $1.6 millon, largly offset ty a ur- pus with orseas .rance Irance'. aaribegn, depoules nued to hae a smll overal tradS sur- 0 plu8 -3 tmillIon in 198 - and masntained this postion In 197 with a surplus of *8 mllion. Hoevr, in 1918, exports dre sarply; although, statistics not yet being in for the last 3. S months of the ye, the evideoe Is not q%ito Oon- els*ve. the tendec is clear. on the bas of available sttatistis, their im- ports should amout to 57 million last yeaw against exports of Os miion, rwsltig in a eicit of $12 milon. !he dp In exports frm $6 Million In 1947 igs dm to the breakdow of the rm mkret. Edis arhas alwars maintained a llar dtfit - 2.5 admion In 1938, $12 million in 1947, a& pralidiarily, $7 million in 1948. heir surplUs is entirely with MetropOlitan rance. Mew Caledonia au& the saller ftrenh possessions In the Pacific ocea 28. had an overall trde deficit of $6 411ionin 3 1947, with imports worth $18.2 milon am exports at *12.5 llion. Based on 9 months' statistics, exports should, in 1948, reah $13.7 million asd Imports no less thn $"6.3 million, but tbis tremendous expandon In Imports is In ome coflict with the avallable gepgraphioal an commodity breakdowas,2/ which ao not Indicate anwthig like this eoxpason: thsrefore, shere sq be a statistical errr Invlved he area has a srplus with Metropolitan Prneo ($4 millio in 19418) but deficits with the 8. ($. mIllion) ad with Australia and New Zealtan (3 million). The unsetled conaitions in this area hae everey hapered the rd covery of exports. These monted to $81 million in 1938, but were oaly $68 illiou In 1947, from which levl they rose to $88 million In 1918, which, in volume, Is, of cores, a drastic red ztion from prer lels. On the other hand, imports we large,, $150 millon in 1918, so that with a dicit of $62 million, thq rmecond as a deficit area ouly to North Aricaw Of the deficdt, $25 millon fels on trade with the 17. S., $4 million on trade with Metropolitan Prace. Sinc Indo-China efore the war, was a doll earnr (srpls with the U. S. $4 mllon In 198), the present state of affairs is a heavy dxrwack to the Preach econo, q4uite soat frou the military ependituro the. AL cmpwin btween the pActue presentsd above, bse& an the colonial trad statistiCs, san the trods of oversea Pranc vith Prawc proer m the U. ., as recorded In the statistics of these two ouxtries,ed owr, on the whole, of which bde,owa Woare *omplete. 2/e the atta&4 tables 6 aa 7. 29. a very good corepondence. bis 16particawly tru In the cas f the U. 8., where the differences to b found, area by area, are naturally explained by the o.i*f. valuation of Imports In the colnia'l statistics and by tim logs. In the cao of lrace, wiclh also lists iports cA..f., the naeriwl differences are s t lasr, as would be expected for this reason, but the overal pattern to not cbangede &uwW up, It cam be stated, therefore, that ci le franc, before the war, usd to obtain a oubstantial, if not very large, not cotribution to Its -oomw In the form of an Import spls with the overseas (eponleares (in 1938, $57 allion according to the coloial statistici'), she has, sice the war, had exort surpluses to the dpdsuncies, which, In 1948, exceed $200 mIllIonY In additio, france has ha to finace heamy dollar ad sterling deficits of the dopnd.ncis#, while beore the war, those sdpendencis were lagsU- selt-sustaino. Ing In term. of foreign exchange. So picture of the economic importane to frane of her oversas dePend. nlosg would be Incomplete wlthout takinC Into acont tho fact that pWt of the esports from those territories consists of i s o4ultW diOrety convertible Into dollars: 2A.' Nowwvr, overseas ftanceis not sug the major gold producers of the world, as will be sem from th following tables $/108 milln according to the french statistics, and $6? million If bsed solely on the ezpr statstics of Netropolitan rpe. Oversea Pra.. 2/ Oi the basis of 9 months' statistics the figures wouA bW: *215 milon acording to the colonial statistics, *91 million based on french statistics, and $*21 miullo bas.& on the nuMMMl export figures. S/ !h tra statisticsof the terrtories inclu.e gold. Bela Pio;uction of th h . (in kilogrm S lJ.5.$1125.276). morooeo 275 260 125 24 847780 S S 2 Proach West Afriea 3994 41i34 390 123 224 248 27 216 218 232 Caeroon 483 53? 544 711 717 678 635 507 371 358 French Sjatorlal Africa 1207 1780 21.66 2988 2931 2907 2616 2372 2226 2182 Ihagasoaw .421 352 360 342 276 286 292 200 121 80 Indo-Ohina 320 120 135 72 11 2 Preach Guiana 1318 1226 11 20 86 6D1 578 64 614. 620 !otal 8028 8809 8744 5380 5089 4839 447 3942 3555 3492 J..$ (MIllSon) 9.02 9.91 9.84 6.05 5.73 5S15 503 4.41 4.00 3-93 linut Lecoaoe, Sept.2, 191.8, and 10 lnteratioa lFinancial ftatistios, The trend of production ha be" sbap3y tMVnds, mscDiMg to le8s than $4 millo i 19in 7. Bever, much of the African gold is pr_oduel by the natives, e1 It s v1dely believed that since the war, a mabstantial part of ths production to not romrded hit fiud. its vw to the blak mrket. Yhe various 0 ofleatios In the gold policy of the reanch mthorities.int,wood In 1948 an arly this year, y, to some extent, have scceede In stimUati production tds (or) offioial mwsbhti. Col ezports frm French Zquatorial Africa had, In 1948, reached $5 Million already b the middl of the yea, but no gol2 has bu e recorded as sxported In the tbird quter. It Is generally asasm that teohnical possibilities gdst for expand. 1mg otLtpat substantially, partlaa'ly in 3quaterial Africa a ld GuIsna, but comm. sidLrable livstmaet mq be necessay to achiv results. At pesent, half of the gold. prduction bas to b sold In Prance, but 4_ sirae 31. at the Pfree' rice leve2 (atboogh the sales me controlled) t he othe haf my be Bold abroad, sexport permits being roirod for cont"l PuPPses. Tbs foreign azchang derived from itch gaaes must be suvenderea to the comon curreIcy pool of Overs..s Frawc, at the rates of exchae apl7iug to comerial operations. sinc th. free gol price in Pawis is usuany higher than thoss coms. poadiag to the ocmercial rates of foreign curlecies aun their offictal gold pities, It wall Usem that the gold producer would oz4 be Interested in .selng nalf of their outpxt abroad, I deals wer allowed to tak placo at non- official golA prices. No information oan thi point ts at baudl, but the present small scale of golA production in the French dendeaee lits the International imprtnc of the matter. Nevertheless, although the International Monetary 3od so far as made no offioal tw It is clear fm its proviou attitude that sales abroad t plries &bUe the official paW vables iUil be ˘se- uiered objectimable. 0 ATO 1. w( a = N0X 0IBRtL&§I0i IM T= fl D3CD (lu Milliouxs of Local Prance). Zepiof t= Pt 11947 5 Algeria) Millions of Metro- 2178 24500 37053 39240 42707 Tanisia ) politan Pranlce 662 8254 10301 10156 10163 Morocco ) 6 1010 1910 7 &= 232* Total - VS 43264 671 21604 76136 Africa - CMral french West ) Africa and togo ) 902 4670 9070 10725 10535 0 Prench Equatorial) Africa and )Millious of Cameroon ) African 261 913 2834 3694 _ Preach 8omaliland.) Prance 18 20 87 110 105 Madaar ) 398 1123 3048 3726 3875 Beuion )81 Z12 S12 4S Total - 66 6X6 15558 -§M St.PIerre and Millions of Miq'elon Afican Wancs - 7 w Nartizlque ) 57 281 720 1005 - Guadeloupe ) Millions of 50 251 785 1086 preach Giana) mericaf s -I 17s Total Indo.Ohiza Millions of Piastre l.t 19 Q2fma Mew Caledoi) Millions of 33 235 258 284 289 Other Oceania) Pacific franc A,; : .2 Total -S. __ V/7ebr 7r. S BaUlletin Measuol de Statistique 61Outr-Mer, December 1948. N0O 0IROTIAMI0 IN T 3RINGO DC2TOIg8 AND -XPOLIzAJ ANCB ON A DOLT&LR *BA Territoz,r Aid of - Iatest avail- 1 194? Se;t.1946 able figure a (Qillions of U.S.-dollaisi/) % of Dec.198 North Africa (Algeria, Tnieta, Morocco) 62 493 311 151 162 261 West Africa & !ogo 26 94 130 85 84 323 WkXuatorial Afrioa n4 Cameroon 7.5 18 40 29 _ 386 Somaliland 1.5 0.4 1.2 0.9 0.8 160 Madagascar 11 23 44 30 31 282 ~om~ion 2.5 4.2 7.4 3.8 152 St.Plerrs et Miquelon 0.7 o.6 0.7 - Trench Autilloe anl Guiana 3.7 11.9 13.8 10.6 - 286 Aa Indo-China 50 278 713 434f 868 lew Cale4onia, other Oceaia 1.6 6.8 8.8 9.7 606 MetEmitLtans prance 3,175 11,525 7,720 3,250 3,658" 115 wbere tbere is znot a sidgle donar rate, conversion ahas been ma&e on the basis Of the trsAI rate. 2/ Yebruary 1948. I 3ary 1949* C0J S AL8C EW 0' O! CAIXSU CaNTEAW DE Lk 3)0S DI OUTER7I- AL 0 JULy -U. 1948. (In Millions of Metropolitan France.) Cash 415 Sight deposits (with the Treasry, Banque de france, etc.) 1,543 !lvanoes to the Metropolitan Treasury 18,427 Tr6asury notes ("bons du Tresor") 222 Securities 444 Advances to treasieos and other public bodies in the overseas territories 3,343 Odvances to banks 2,195 Adances against Treasury notes 417 Advances to and participation in private enterprise 389 bohge offices of overseas territories 1,834 Account of 1IDM (other than subventions) 349 Other debtors 2.970 Total 32.1W Capital fund 1,000 Reserve fund 100 NoteS iSueAd 9,118 Deposits of colon1 treasuries and other public bodies 45 Bight deposits of banks 13,731 Other eight depoits 107 ZrIn 3,307 flD3B (operation account, apart from subventions) 39 Other creitors 4.321 Total _ 2.5W Table - SUI{vIARY OF WORLD TRADE OF FRENiCH COLONIES. 1938. 1947 AiD 1948. (In millions of U. S. dollars) 1938 2. - Annual Rate* oorts ,; xports Bal. Imports B e1. Imports orts Bal. 1. France 245.4 302.1 56.7 721*9 685.7 -36.2 854.6 639.9 -214.7 2. Great Britain 14.2 18.2 4.0 30.0 28.3 - 1.7 24.0 45.7 21.7 Other lis0ed hEureop 26.9 20.6 -6.3 7.8 2.9 -4.9 12.0 2.5 -9.5 3. Africa - Fr*N,Africa 14.8 12.6 -2,2 32,8 51,8 19.0 37.3 47.3 10.0 AOF & Togo 0.8 0.8 3.8 3.0 -0.8 10.8 4.8 -6.o AEF & Cameroon .1/ - _ _ _ _ - _ Fr.E.Africa 1.1 0.9 -0.2 3.3 3,1 -042 0.1 2.4 2.3 Other listed * Africa / 2e4 1.8 -0.6 14.0 6.7 -7.3 19.4 5.0 -14.4 4. Western Hemisphere - Canada 1.9 j -1.9 1.1 1/ -1.1 1.2 - -1.2 U. S. A. 20.0 16.2 -3,8 221.3 21.0 -200.3 180.4 19.0 -161.4 French territories 1/ - - - - - - Other listed Western Hemisphere 5.8 0.2 -5.6 2e6 - 2.6 2.0 - -2.0 5. Asia - Indo-China 1.0 / -1.0 0°3 4.3 4,0 - 6.o 6.0 French Indies 0,4 - -0.4 - - - - - - Other li ted Asia / 24.0 11.4 -13*.0 17.9 11.5 -6,4 19.2 17.0 - 2.2 6. Oceania - . Fr.Oceania - - - - - - - - - Australia & New Zealand 1.9 0.2 -1.7 9.0 3.2 -5.8 8.4 2.4 -6.o 7. All other Fr. dependencies, N*.OS. 13.0 8.5 -4.5 57.4 34.7 -22.7 59.1 50,1 -9.0 8. All other Br. territories 5.0 9.4 4.4 21.3 17.6 - 3.7 25.8 14.5 -11.0 All other countries 42.6 34.4 -8.2 219.9 34.4 -S.5 173.4 54.2 -119.2 Grand total** 420,5 437.4 16.8 1364.3 908.1 -456.2 1427.5 910.8 -51607 21 Less than 50,000. / A/ V See data sheets. * Based on published monthly data from M4inistere de la France, d'Outre Mer. '# Totals not exact, due to rounding. None more than 0.3 off. Table 5a WORLD TRADE OF FRENCH NORTH AFRICA, U8 19 -7 Aif 1948. (Vlue In millions of U}.S. dollLars) 1938 12 1948 - m Mlu te (9 mos, Countrv Im=ortg Exports Bal IpOS Ex,orts Bal. Imports Exports Bal. 1. France 155.8 17564 19.7 435.9 418.0 -1749 576.0 348,0 -228.0 2. Great Britain 6.9 15.0 $.l 11.2 23.3 12.1 -13.2 42.0 28.8 Other lisWied Eur pe 20.1 17.6 -2.5 0.6 0.6 - 3.6 1*2 -2.4 3. kfrica - Fr.N.hfrica 12.6 11.5 -1,1 23.2 22.2 -1.0 24.0 24.0 - AOF & Togo 0.8 0.8 3.8 3e0 -0.8 10.8 4e8 -6.0 AEF & Cameroon / j - - - - - - Other lited Afria * 0.3 0*7 0.4F ~ ~ ~ Canada 1.7 I/ -1.7 - - - - - - 5. U. S. 7.3 5.6 -1,7 112.9 5.2 -107.7 98.4 8.4 --90O0 6. Other Western Hemisphere - French Depend- encies Other listed W.Hemisphere/ 5.6 0.2 -5.4 - - - - _ _ 7. Asia - Indo-China 0.4 / -0.4 _ - _ _ _ _ Other listed 8kiaf 10.9 0.1 -10.8 - - - - - - Oceania - Frerch Depend- ene' ,3 _ _ _ _ _ _ _ _ _ 9. All other Fr. Dependencies 5.3 2.8 -2.6 30.5 11.5 -19.0 31.2 14.4 -16.8 10.A11 other Br, territories 1.7 0.2 -1.5 7.4 2.3 -5.1 14.4 2.4 -12.0 All other countries 21.1 12.9 -8.2 182,2 19.7 -1621. 99.6 37.2 -62.4 Grand Total* 249.7 243.0 -6.7 807.8 505.8 -302.0 871.2 482.4 -388.8 * Totals not exact, due to rounding. None more than .3 off. / Less than 50,000. / 1938, Belgium, Germany$ Italy, Holland, Denmark; Rumania, Portugal, Sweden, Switzerland, Czechoslovakia, Yugo-slavia. 1947 and 1948, Portugal and Spain. 2 Union S.Africa and Egypt. / India, China, Japan. ; Argentina, Brazil, Cuba, Venezuela and Dutch possessions. Table 5b wEMU all A2OJ. AD U!OGO. 1938. 194 fD 19A48 (Anal Rate) (Value in millions of U. S. dollars.) 138 1948 _-It Cutry l rtX8]s .MA ZaL Imrt-a .azt Iwrts Ismrt Ba. 1. Iraco 27.8 33*3 5.5 91.7 81.8 -9.9 85.2 109.2 24.0 2. GI'eat Britain 3.2 1.1 -2.1 4.6 0.4 -4.2 3.6 _ -3,6 Other Hqtea L 2 Oteropte 2.5 1.0 -1.5 1.62/ a 1.6 1.22/ _1.2 3. Africa- ?r.J.Africa 1.9 1.1 -0.8 6.9 18.1 11.2 10.8 20,4 9.6 Other Ila,ted Atr5atw 0.9 o.6 -o.3 5.3 4.6 -0.7 7.2 3.6 -3.6 4. U. S. 3.1 1.5 _1.6 37.3 1.2 -36.1 21.6 2.4 -19.2 Other Prench territories 2.6 0,3 -2.3 6.5 3.4 -3.1 8.4 3.6 -4.8 6. Other British territories 0.9 0.1 -0.8 3.7 0.1 -3.6 3.6 -3.6 All other countries 5.7 3.1 -2.6 20.9 2.9 _18.0 13.2 2.4 -10.8 Grand total 48.6 42.4 -6.2 178.3 112.6 -65.7 154.8 141.6 -13.2 . f/ Spain, Portugal, Belgium, and Rollan amd osesione. AL old Coast, Sierra Lweon, Gambia, tigeria Oi.o.S.). i/ olland oly (inolwUs possessions). ~L Legs tbau 50,000. * Total not alvqs correct, due to roundiig. None more than 0.3 off. VOBZ. 2D$ 01 A.L.B.AND OAMX0O1. 19,8, 1947.jw~ 19-48. (In millions of U. S. ao11ars). qMMjtr.v ~ ~ ~ ,L2« 1A2t 194m-ita Cotr rbrtil s kk Imports Zagrte MAL Inzortp -r-t ;al. 1. France 4.6 9.3 4.7 39.8 42.4 2.6 44.4 68.4 24.0 2. Great 3ritain 1.2 -0.3 -0.9 6.9 3e4 -3.5 3.6 2.5 .1.1 Other 4.ted 1hrop445;1 1.1 _ _1.1 2.7 0.5 -2*2 3.6 0.1 -3.5 3. Mrica - 1hNl.Africa - - . Otber llitea Afrca&{ 0.3 0.1 -0.2 3.2 1.0 -2.2 2.5 0.2 -2.3 4. U. 8. 2.1 0.2 -1.9 14.7 1.0 -13.7 10.8 0.6 -10.2 5* Other French territories 0.5 0.2 -0.3 5.0 5.8 0.8 3.6 4.8 1.2 6. Other British territories 0.6 0.3 -0.3 1.6 C.8 -0.8 1.3 1.3 - All other countries 4.2 493 0.1 4.1 5e4 1.3 4.8 3.6 -1*2 GraiL tota. 14.6 14.7 0.1 78.0 60.3 -17.7 74.6 81.5 6.9 0 ,J/ Portugal and possessions, Relgw, Klollad anAd possesions and insignificat exports to Svitserla. p/ 1938, Belgian Congo azkd. Nieria, I.O.S., 1947 includes U. South Africa. * !I?otals not alSXq eact due to rouading. lone more than 0.3 off. WORLD TlD OF FC EUST N AFBCA (SOLI COAST, 4DSCAR, REON). 19w. 19L7 ND Am A (al Ratel (Value in Wil±oiOs of U. S. dollars). na ,Anwaa- Rate 1. France 38.0 24 2 6.2 42.2 47.3 5.1 36.0 32.4 -3.6 2. Great Britain 1.0 1.8 0.8 5.1 1.2 -3.9 1.2 1.2 - Otb0r listed EMT*pe / 0.3 0.3 _ Al - _ _ _ 3. Fr.lNAfrca 0.3 Al -0.3 2.4 8.6 6.2 2*4 2.4 - Runion 0.2 0x 0.6 0.7 2+4 1.7 0.1 2.4 2*3 *adagaoar 0.9 0.1 -0.8 2.6 0.7 -1.9 - - - *Ohe liste!d Afica, g 0.9 0.4 -0.5 5*5 1.1 -4.4 9.6 1.2 -8,4 4. U. 5. 1.4 1.4 - lO.3 6.5 -3*8 8.4 2.4 -6.0 5. Indo-Chia, N.0.S. 0.6 Al -06 03 43 4*0 - 6.0 6.o Fr. InDIes 0.4 - -0.4 - - - - - - Other listed A.aa 0.7 0.8 0.1 3.1 0.6 -2.5 1.2 0.2 -1.0 6. otber Frenh territories 1*7 0.1 -1.6 5.4 5.1 -0.3 3.6 0.4 -3.2 7. Otber British trrtoriou 0.6 0.3 -0.3 3.3 0.7 -2.6 2.4 1.2 -1.2 uetria Al _ - 0.8 0.1 -0.7 1.2 - -1.2 Al other oovtries 2.2 1.5 -0.7 1.8 2.8 1.0 4,8 6.0 1.2 Grand total 29.2 31.7 2.5 83.5 81.4 -2.1 92.4 70.2 -22.2 ;/ Bolland and posaessions. v 1U. Soth Africa, Br. N.Africa, Etbiopia. 4,/ L.a.* Aen Iran, and Mauritius. Lose than 50,000. * The 1948 brakdovn Rau4don. Total trade of tEs islands Importo, $2L.6 million, E2orts, *4 Dimon. Table 5e WORM MME OF S!.PITMM AiD MIQBON (N.AMM CA) l9o8. 19 ASD 1948 (AAl RAte) (Value in millious of U.S.dollars) 1938 12! 12! Caunix:sImut ft2rls Ma&& orggt.- ftgrI 4a 39z Soota Bal mos or , 1. Prance 0.1 LI -0.1 0.3 0.1 -0.2 0.2 0.1 -0.1 2. GreatBritsi- - - - - - - - - 3. Yr.N.Africa - - - - - - - - 4. Oadaa 0.2 11 -0.2 1.1 }/ _1.1 1.2 _ -1.2 5. U. S. 0.1 _ -0.1 0.3 -0.e 0.4 -0.4 Other liste& 12 W.jlemiher/ _ _ _ _ 7. Other Froesh; territories 1.6 1.6 0.1 1.2 1.1 8. Other British territories 0.1 _ -0.1 0.1 O _0.1 - - - 9. All other aories 0.2 0.5 0.3 1 0.? 0.? 0.1 0.1 0 Graz4 total 0.7 0.5 -0.2 1.8 2.4 o.6 2.0 1.4 o.,6 }/ I1Los than 50,000. al I1ewfoimdlaiG. Table 5. WOI MM 07A XORFIqM GUADJLOUP3 AIM 13W30 UIAN (CARIMBR POSSBS! A. 1938. 1947 AND 124- (Val-ae i. millions of U.S. daollare) 1938 194*7 l948 _ llmmal Rte 2lmr-v Imort liorts JIL& IgrtB =~M _Bj&. ortn trtfj Ba:l, 1. Trance 10.2 18.4 8.2 30.4 58.5 28.1 31.2 39.8 8.6 2. Oreat Britai 0.1 2 -0.1 - _- - _ 3. Yr.Nfr.a,a - 0.3 2.9 z.6 0.1 0.5 0.4 4. Ca&a _ _* _- _ - 5. U. 8. 2.5 11 -2.5 12.1 0.5 _11.6 7.2 0.4 -6.8 Other listed W.theisere2 0.2 f -0.2 2.6 - _2.6 2.0 _ -2.0 7. Other f'rench territories 0.4 0.2 -0.2 4.9 2.8 -2.1 5.0 0.5 -4.5 8. Other British territories 0.8 -/ 0.8 3.8 0.1 -3.7 1.7 _ -1.7 A30Other Oountries 1.6 0.1 -1.5 4.0 0.8 -3.2 10.1 3.7 -6.4 Grand total 15.8 18.7 2.9 58.0 65.6 7.6 57.3 44.9 -12.4 i h-Less than 50D0u0. LIj Brail, Dominican, Repiibic. Nswfowidlani and Dutch Guiana.. 19147 ino1lu&es Guiadeloupe. WOiD TRAM OF uW CALUON M O0ZAUA (PAcuC FC Z0M), l93 19 AND =A (Amm Rate 1. France 2.1 2.9 0.8 2.9 6.9 4.0 4,0 8.1 4.1 2. W. 8. 0.7 0.4 -0.3 7.1 1.2 -5.9 6.2 2.1 -4.1 3. Auttrs.Iia and N. Zea3*Ad 1.7 0.2 -1.5 6.2 3.1 -3.1 5.0 2.4 -2.6 *terrilt5r 0.3 0.1 -0.2 1.0 0.6 -0.4 2.2 0.8 -1.4 5. other British Territory 0.2 - -0.2 - - - 0.4 - -0.4 6. All other coutries 1.3 2.0 0.7 1.0 0.8 -0.2 *2.5W 0.3 -28.2 Grand Total* 6.3 5.6 -0.7 38.2 12.5 -5*7 46.3 13.7 -32.6 * Totals not salVq ezat dtte to rounding. None more than 0.3 off. i This r ble opanon over prwious years is not borne out by available oamwaty breakdowns and mu probably inrolve statistical error in the sorce (BnU StbAti8titq!e dfCtre4e). Table 5h Sam~ zADI 01 flMMMA&KL 198. LOW An 14. (Val-u in millions of U. 8. dollars.) Xmurtra kMlftx_a }l Z,a __os ts . orts 0S 1. ftanT e 26.9 38.6 11.7 78.7 30.7 48.0 78.0 33.6 -4.4 2. Great Britain 1.8 O _1.8 2.2 _ -2.2 2.4 _ -2.4 Othbr U ted 1hr*A/ 2.9 1*7 -1.2 2.9 1.8 .1.1 3.6 1.2 -2*4 3* U. 8. 28 7.1 4e3 26.6 5.4 -21.2 27.6 2.4 _25.2 i. Liste. AroaZ 12.4 10.5 _1.9 14.8 10.9 -3-9 18.0 16,8 -1.2 5. Iastralia 0.2 s o..02 2.0 _ -2.0 2e4 -2.4 Other Ireach territory 2*2 4.8 2.6 4.1 3.9 -0.2 4.8 22.8 18.0 7. Other 3Zrfti±b territory 0.1 8.5 8.4 1.4 13.6 12.2 1.2 9.6 8.4 8. All- otber 8 o=tuies 6.3 10.0 ,17 5.9 1.3 -4.6 12.0 1.2 -10.8 GranB. total 55.6 81.3 25.7 38.7 67.5 -71.2 150.0 87.6 _62.4 11 Hollwa and possesuions. &| India (ug.), Sonzg Kog, Singapore, Ghina, and Thailand. Tabie 6 VAIUE OF TRUD OF FPCR WITH SPEECI'ID lEPCIBS, 1928. 192Q. A14AL R9W , :~~~~mo' ,ts 3Dorbs ,,,, Eta 1mDo?t5 ____________ H ls.of Hillsof Nifl1.of Misof Miils.of xmil,qf MY.I1Bof Mills , Mills.of Nlisq Mlll1s. Mflnsk En !-Ak E gFrnFrancS B Ufi/ rane B ow F8 O e. Fr,U geria 4,864 139 3t779 1W 35,236 295 30,253 254 64,197 315 61,593 30: nDi 878 25 980 28 4,1M 35 9,993 84 7$005 34 17,573 8( anCh Morocco 858 25 710 2D 13,09 16 11,81 99 22,031 108 33,773 16! =nch E&jator- aR Africa _ - _ _ _ _ _ _ 11,155 55 7,712 3t h West 1,509 43 783 22 10,662 89 9,848 83 26,688 131 15,684 7 t9ca. iier French i) I frica 680,' 19 38 n1 5,076A/ 43 3,332 28 6,7916' 33 10,030 4( ench Indo- hina 1,891 54 929 27 3,717 31 7,610 64 7,700 38 21,271 10O ench Possess- ons in WesRern emiephes% 1.319 38 653 19 15327 lag 13.736 115 10.015 49 6.777 3 11,999 343 8,222 235 88,01 737 86,569 727 155,582 763 174t,419 85, Fca scar only. f Includes Mdagaocar, Reuz&on and French Somaliland. V Includea Guadeloupe, Mar.niqxae and French Guiana for 1948. z Based on 9 months. Converted to U.S.dollars at the rate of 35 Fro. per U.S,$. f Converted to U.S.dollaro at the rate of 1139.3 Pro. per U.S.$. / Converted to U.S.dol3axs at the rate of 2D4.1 Fro. per U.S.$ which is the average of the official rate for first 9 mos. of 1948. Wur-es 1938 - 1947 Blletin Eiensuel de 8tatistiqae dtOtre Nor, Dec. 1948, P.28. 1941 Statistiqae Mlensuel du Commerce Table 7 U . &, WI!H w 'Raa D CI= s 19W8. 14 AND 148. (lminions of Dollara) 1938 ~ ~ ~ 94 ˘ountw kcDor1s Igmnol; 3igrts- Imogrt llorte Imorts French Morocoo 3.2 1.4 36.2 2.7 28.4 7.1 Algeria 2.7 2.4 47.7 2.1 37.1 3.7 Tunisia 1.4 2*0 16.0 0.3 7.3 O.6 Cameroon French Equatorial Africa ) _ 41.0 3.7 30.6 9.8 French West Africa) French Somaliland. 0.6 * 0.6 0.1 Ms4agascw 0.5 1.8 6.8 8.7 7.1 2.8 French Indo-Obina 3.1 7.1 23.7 4.3 14.3 3.4 Niqwelon and St. Pierre 0.1 C 0.1 * * French West Indies 2.0 0.2 9.3 5.8 * Freach iana 0.1 * 0.9 C 0.9 * French Africa, n.e.s. 3.8 2.5 - - - !otal 16.9 17.4 182.3 21.8 132.1 27.5 * Less th $50000. Soure 3Dept. of Commerce 950. (1938 - Statistical Abstract of U.S.) 13EID- Statistics Section 2/28/49.