FRANCE'S FINANCE

Evening Post, Volume CXIV, Issue 16, 19 July 1932, Page 7

FRANCE'S FINANCE

IMPORTANT SCHEMES

LOANS AND CONVERSION

RENTIERS ALARMED

United Press Association—By Elpctrle /Tele-

graph—Copyright.

PARIS, 18th July.'

On the eve of the holidays Senators, and Deputies rushed through a-series of most important financial schemes.

These are:— :

(1) The issue of an additional £22,000,000 in Treasury Bonds.

(2) A £40,000,000 loan to Algeria, half of which will be used to repay loans to the French Treasury, the rest to be spent on public works.

(3) A proposed conversion of rentes late in the autumn which may cover £900,000,000 bearing interest at 5 and 6 per cent. It is hoped to convert these to 4J per cents., resulting in a saving of £16,500,000 annually. '

During the recess Parliamentarians are certain to hear indignant reproaches from rentiers who are. trying to live on their investments in Government stocks, and who have already suffered greatly owing to the changed value of the franc and the recent increases in income tax.

It is estimated that.. the deficit for the current year will still be £ 50,000,000. Nest; year rs ' deficit •is estimated at £88,000,000, so heroic measures are essential. , ,