FRENCH FINANCE

Greymouth Evening Star, 29 June 1925, Page 3

FRENCH FINANCE

NEW PROPOSALS APPROVED. (Australian and N.Z. Cable Association.) PARIS, June 26. In the Chamber of Deputies, M. Caillaux submitted new financial proposals. He proposed an increase of six milliard francs in the advances by the Bank of France to the State ; +hp niaxiinnm issue of the Bank s

the maximum issue ui ixum o notes being correspondingly increased by six milliards. He also proposed the issue of a loan, the holders of National Defence ''Bonds, with a guarantee against fluctuating exchange and rate of interest. The maximum total of the floating debt would be fixed at the amount attained, on the closing of the aforementioned loan, excluding the six milliards of advances to the State and many sums requisite for the subsequent repayment of short term debt. The preamble of ’the Bill draws attention to the difficulties of the Treasury, and says .’that, in order to meet the situation, the Government are determined only to resort to' normal methods, rejecting any system oi constraint. The prcanfble makes a supreme urgent appeal to the nation freely to help to relieve the Treasury’s difficulties and to dispel anxiety regarding the future. GOVT’S LARGE MAJORITIES. PARIS, June 27. The . Chamber was still sitting this morning. The first clause of the. Finance Till! was passed, a Socialist amendment being rejected by 340 to 210. A Communist amendment was also defeated by 421 to 69M. Painleve then declared the question one of confidence. ’The Chamber agreed to tire proposed increase of six milliards in the note issue, •by 328 votes to 118. Mo 4 st of the Socialists abstained from voting The Chamber passed the whole of M. Caillaux’s proposals by 330 votes t-c thirty-four. The Senate also passed the Bill by 273 to 11.