THE FRENCH BUDGET

Otago Daily Times, Issue 22114, 18 November 1933, Page 13

THE FRENCH BUDGET

STORMY PASSAGE LIKELY PARIS, November 17. M. Sarraut has reintroduced the Budget, which is expected to receive a stormy passage. FIRST PART OF PROPOSALS. PARIS, November 17. (Received Nov. 17, at 11.30 p.m.) M. Sarraut presented the Chamber with the first part of his Budget proposals. These aim at securing £29,500,000 by economies and suppression of tax evasions, while the estimates for 1934 will be reduced by £8,000,000. Thus £37,500,000 will be obtained towards the deficit, which is now officially estimated at £75,100,000. The second part of the plan will be produced if, and when, these measures are passed.

FLIGHT OF CAPITAL. HEAVY GOLD WITHDRAWALS. LONDON, November 17. (Received Nov. 17, at 11.15 p.m. ) Fresh evidence of the flight of capital from France is provided in a Bank of France return showing gold withdrawals of nearly £9,000,000 for the week ended November 10 following withdrawals of over £12,500,000 for the previous fortnight. It is believed that the withdrawals for the current week have been on an even larger scale. The Bank of England is believed to have bought hundreds of millions of francs. Sir Montague Norman and his colleagues fear that if France is forced from the gold standard hope of a return on a world scale will be gone.