Business: CRISIS EASED BUT NOT ENDED

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THE third international monetary crisis in a year subsided last week more swiftly than it arose. As Charles de Gaulle imposed a severe economic squeeze on France and Britain tightened its belt another notch, the money speculators retreated. An uneasy quiet took hold in Europe's reopened currency markets. But the monetary problems that touched off the crisis remained largely unsolved, and financial policymakers were far from confident that tranquillity would endure.

Leaders of other nations were stunned or at least surprised by De Gaulle's gamble that confidence in the franc could be restored without devaluation. But they stifled the impulse to criticize. Public expressions of concern might tend to become self-fulfilling prophecies. In contrast with the acrimonious debate that preceded their decision to lend France $2 billion to fight speculative runs on its currency, the world's industrial powers last week chorused assurances of support. In a personal message to the President of France, Lyndon Johnson pledged that the U.S. would cooperate "in any way we can." Added Secretary of the Treasury Henry Fowler: "I applaud General de Gaulle's decision."

Such backing was understandable. France's hard choice spared other countries painful repercussions—at least for the moment. Devaluation of the franc very likely would have started speculation first against the British pound, then against the U.S. dollar. It might well have forced disorderly devaluations of those and other currencies.

A Look at Wallets. France began its save-the-franc austerity by imposing its tightest money controls since the early postwar years. The government decreed a $140 limit on the amount of French and foreign cash that tourists of any nationality may take out of the country. Foreign tourists were permitted to retain travelers' checks or money orders in their name only if they were acquired abroad.

Police reinforced customs officers along all French borders. So thoroughly did they search for francs and foreign money that mile-long queues of cars formed in some places. Frenchmen returning from abroad were forced to convert all foreign money to francs. At Paris' Orly airport, international flights were delayed while douaniers and police poked through every outgoing suitcase. To the humiliation of many a traveler, they counted money in every purse and wallet, and any excess was seized, to be held until the traveler's return. On the first day alone, the customs take totaled $3,000,000, spoiling the vacations of countless Frenchmen.