BALANCED BUDGET

Hawke's Bay Tribune, Volume XXIV, Issue 235, 17 September 1934, Page 9

BALANCED BUDGET

Hopeful French Statements

PARIS, September 16.

M. Germain Martin, Finance Minister, announces a balanced Budget fur 1935. The estimated receipts are 47,022,000,000 francs and the expenditure 45,984,000,000 francs. He adds that the Budget has been balanced without new taxes or fresh sacrifices from civil servants and exsoldiers. The Government emphatically rejects devaluation of the franc, which would compromise the recovery of the financial market and cause higher prices. The preamble condemns tariff barriers as leading to material ruin and the progressive disappearance of civilisation.

“Wo are persuaded,” he says, “that European nations, also the world generally, will soon be convinced that a stable currency based on gold constitutes the sole basis of exchange, and there will soon be a retnrfi to normality. The fact that France has signed 23 trade agreements in the past year is a hopeful sign.”