Rewards and Trials

"The franc's frenzied devaluation is a problem we must worry about. We must also prevent other countries from following France's example and devaluing their currencies." At the diplomatic talks between the United Kingdom and Australasia, a Treasury Department official spoke at length, explaining the risks that other countries' currency devaluations posed to Britain and Australasia.

It should be understood that compared with France, whose currency was rather unstable, the British pound and the Australasian dollar were still relatively stable in value.

They had certainly undergone devaluation, but the proportion had basically remained below 10 percent, which was an entirely acceptable range.

The franc was different. If its purchasing power before the outbreak of war was taken as 100 percent, then the franc's current purchasing power was less than 25 percent of what it had been.

Before the war, 25 francs could be exchanged for 1 pound, and the conversion rate between the two had been fairly stable.

But now, the exchange rate between the franc and the pound had plummeted to 247:1. In reality, it might take 300 francs to equal 1 pound.

With the exchange rate between the franc and the pound collapsing, would the French people continue to uphold the gold standard?

Discussing the possibility of maintaining the gold standard and negotiating cooperation in this currency competition was the government's responsibility. William's task, meanwhile, was to sell off the Australasian Royal Family's assets in London, converting them as much as possible into gold and other stores of value.

Although Arthur had sold off all of Old Duke Arthur's assets after going to Australasia, the expansion of the Royal Consortium over the past twenty-odd years could not have completely avoided London, that vast city.

As the world's financial capital, London's stock exchange was where major capitalists frequently operated, and