FRENCH FINANCE

Dominion, Volume 19, Issue 156, 29 March 1926, Page 7

FRENCH FINANCE

SENSATIONAL FALL OF FRANC PREMIER MUCH UPSET j TREASURY MUST HAVE MONEY Bi Tblbgraph— Press AbsociatiosCopyright. (Rec. March 28, 5.5 p.m.) Paris, March 27. The Premier (M. Briand) unexpectedly visited the Senate. He appeared upset over the fall of the franc, which he remarked was most unfortunate. He anxiously inquired as to the prospects of the Senate’s acceptance of the Government’s financial proposals. Earlier in the day a statement was made to the Chamber of Deputies Finance Committee by M. Peret (Minister of Finance), in which he said that money must be collected by the Treasury immediately, and must be collected every month. The newspapers consider that this statement m some measure contributed to the franc s sensational fall. On the other hand, it may save the life of the Government, because no combination is willing to take over the desperate situation. Aus.-N.Z. Cable Assn. Paris, March 26. The Chamber of Deputies voted a Budget of 86,451 million francs. This leaves a deficit estimate at 4300 millions when the franc stood at 110. It is now at 138 to the £l, and therefore calculations . are speculative.—Sydney “Sun” Cable.' NEW LOW LEVEL .REACHED Loudon, March 26. The exchange of the French franc-in London reached a new low record, closing at 141.81 to the £l. . Selling is believed to be emanating chiefly from Paris.—Reuter.

FRESH TAXATION (Rec. March 28, 11.15 p.m.) Paris, March 27. The Finance Committee of the Chamber of Deputies agreed to new taxation yielding an estimated revenue of 1380 million francs, including a profits tax, from the conveyance of real property, an increased tax on the sale of businesses and doubling the turnover tax on firms whose figures exceed one million francs. It is understood that the Finance Minister is willing to accept a compromise proposal to make up the remaining deficit of over a milliard francs by a general turnover tax exclusively confined to wholesalers and middlemen.—Reuter.