FRENCH FINANCE

Grey River Argus, 29 June 1925, Page 5

FRENCH FINANCE

CAILLANX’S PLAN. I LOAN AND BANK LSSCE. j (Itceeivcd June 27 at 5.5 p.m.) i PARIS, June 26. On the Chamber of Deputies, AL (Tillaux (Finance Minister) submitted new financial proposals. lie proposed an increase of six milliard francs in the advances by the Dank of France to the State, the maximum issue cl® the Bank’s notes being correspondingly increased by six niillards to filty-one milliards. He also proposed the issue of a loan, reserved to the holders of National Defence Bonds, with a guarantee against II act mat ing exchange and rate uf interest. The maximum total of (ho limiting debt would be fixed :d the amount attained on the closing oi thc aforementioned loan, excluding the six milliards of advances to the State ami many sums requisite tor the subsequent repayment of short term debt. Thc preamble of the Bill draws attention to the difficulties of the 'treasury, and says that, in order to meet the situation, he Government are de. t,..mined only to resort lo normal methods, rejecting any system of eon. si mint. The preamble makes a su pre urgent appeal to the nation freely to help to relieve the Treasury’s difficulties and Io dispel anxiety re. garding the .future. BILL ADOPTED. INSTEAD Hl' CAPITAL LEVY. (Received June 28 fit 5.-> p.m.) PARIS, June 26. The l’’im.ince Committee of the I'remh Chamber, after healing Al. Caillnux, rejected the Socialists’ proposal lor a capital hwy, by —I 'or to 11. and adopted the Government’s bift, with modifications. The Socialists, however, decided to maintain their demand in tire Chambei 1 itself for a capitalist levy. LATER DETAILS. BILL BECOMES LAW. PARIS, June 27. The Chamber of Deputies was still sitting this morning. Tile fust clause of the Finance Bill "as passed, a Socialist Amendment being rejected by 340 to 210. A Communist amendment was also mlefeatcd by 421 to 69. M. Painlovc, the Premier, then de. dared thc question one of confidence. The Chamber agreed to the proposed Increase of six milliards in the note issue, bv 328 votes to 11>. Most of the Socialists abstained from voting. The Semite Finance Committee, by' <1 votes to 5, with eleven abstentions, adopted Al. Caillaux’s PARIS, Juno 2c The Cllmmber of Deputies passed the whole of M. Caillaux’s proposals by 330 votes to thirty-four. The Senate also passed the Government’s financial bdl by 273 to 11.