HUGE LEEWAY

Northern Advocate, 18 October 1933, Page 7

HUGE LEEWAY

FRENCH FISCAL YEAR DEFICIT TOTALS £75,000 ; 000. » EMERGENCY REMEDIES. (United Press Association—By Electric Telegraph.—Copyright.) (Received 12.30 p.m.) PARIS, October .17, The Chamber of Deputies by 470 votes to 120, lias granted the Government’s request to apply emergency procedure to the Budget, proposing to raise £73,000,000 to cover the deficit in two bills, firstly, by comprehensive emergency measures producing £(57,300,000 and, secondly, by an ordinary finance bill supplying the remainder.

The Government states that the deficit must be covered by economies and increased taxation. It will not borrow, in order to keep its borrowing capacity intact, so as to repay its 10-year-bonds due in 1034 and also to finance public works schemes to relievo unemployment.

The proposals include a petrol tax instead of taxation on motor ears. This is expected to yield £5,500,000.

The business turnover tax on water, gas and electricity companies will produce £3,000,000, although consumers’ rates will not be raised, in ’view of the fall in price of basic commodities, A tax on Government salaries and pensions gives £13,500,000 and a revision of departmental and administrative expenditure will save £0,000,000, Reductions of exemptions granted in more prosperous times will bring £11,000,000.

A reform of monopolies, including cigarette lighters, with an imposition of a monopoly tax on the sale of arms, will provide £3,000,000.

Revenue includes a non-recurring amount of £8,000,000 from the national lottery, also £8,500,000 from the new nickel coinage.