N. Caledonia Fears
p. 20 · Read in the full issue
Franc Devaluation
From Our Noumea Correspondent ALARM is felt in New Caledonia at the rising cost of living and the possibility that the Metro politan franc will be devalued.
The cost of living index rose by 20 points in December-January— due, it is thought, to the sharp in crease in price of certain commod ities imported from Australia.
Potatoes are the equivalent of 1/6 per pound, and eggs 15/- per dozen.
French newspapers received in Noumea up to the end of January all indicate that the position of the French franc is precarious and that prospect of devaluation is strong. If the Pacific franc followed the Metro politan franc, it would be disastrous for New Caledonia.