FRENCH POLITICS

Manawatu Standard, Volume XLV, Issue 288, 9 November 1925, Page 7

FRENCH POLITICS

NEW GROUP FORMED.

INCREASING THE CONFUSION.

(By Electric Telegraph—Copyright.) Received November 9, 8.50 a.m. LONDON, Nov. 7. Tho confusion already reigning in French politics has been further increased by tho formation of a new Chamber group called Guache Independante, consisting of 17 Opposition sessionists, who voted with tho Government on tho 3rd instant. There are now 10 official Chamber groups, besides 30 so-called independents, including the Royalists.—Times.

PREMIER’S PROPOSALS.

ADOPTED BY COUNCIL.

PARIS, Nov. 8.

Cabinet sat all day elaborating financial proposals. The Alinisters agreed to the so-called “capital levy,” which will take the form of a permanent exceptional tax on all forms of wealth ■without distinction. It will give the taxpayers two options: (1) Commuting by an immediate payment of a lump sum on advantageous terms; or (2) payment by instalments spread over two years. The council of Alinisters adopted AI. Painleve’s financial plan, which tho Government proposes to rush through Parliament by November 12, tho reason being that tho Treasury account with the Bank of Franco is nearly overdrawn and a new agreement is necessary for the authorising of advances of several milliard _ francs to meet urgent Treasury liabilities. AI. Painleve’s financial proposals include a graduated personal tax on every French citizen over the age of 21, with a minimum of 20 francs, and, for tho purpose of a sinking fund, an extraordinary levy on porsonal and real estate payable within fourteen years, with 25 per cent reduction if paid within a year. It is also believed that a 20 per cent super-tax cn incomes is probable.

The. products of the levy will form a sinking fund devoted to the redemption within 14 years of a short term domestic debt of £373,000,000, a short term foreign debt of £58,000,000, and an excess issue of national defence bonds of £125,000,000. It is also proposed to create a poll tax of 20 francs a head, lasting 14 years and beginning from January, 1925. Reparations will be devoted to jnterAllied debts and the restoration of devastated regions.—A. and N.Z. cable.