FRENCH BUDGET.

Auckland Star, Volume LXIV, Issue 246, 18 October 1933, Page 7

FRENCH BUDGET.

HEAVY DEFICIT.

Emergency Measures to Meet £75,000,000 Shortage.

INCREASED TAXATION. (United P.A.—Electric Telegraph—Copyright) (Received 12.30 p.m.) PARIS, October 17. The Chamber of Deputies, by 470 votes tp 120, has granted the Government's request to apply emergency procedure to the Budget, proposing to jaise £75,000,000 to cover the deficit in two bills, firstly, by comprehensive emergency measures producing £67,500,000, and, secondly, by an ordinary Finance Bill supplying the remainder. The Government states that the deficit must be covered by economies and increased taxation. It will not borrow in order to keep its borrowing capacity intact, so as to repay its 10-year bonds due in 1934 ana also to finance public works schemes to relieve unemployment. The proposals include a petrol tax instead of taxation on motor cars. This is expected to yield £5,500,000. The business turnover tax on water, gas and electricity companies will produce £.3,000,000, although consumers' rates will not be raised in view of the fall in price of basic commodities. A tax on Government salaries and pensions gives £13,500,000, and a revision of Departmental and administrative expenditure will save £6,000,000. Reductions of exemptions granted in more prosperous times will bring in £11,000,000.

A reform of monopolies, including with an imposition of a monopoly on the sale of arms, will provide £3,000,000. ,

The revenue includes a non-recurring amount of £8,000,000 from the national lottery, also £8,500,000 from, the new nickel coinage.