FRENCH FINANCE BILL

Otago Daily Times, Issue 23222, 21 June 1937, Page 9

FRENCH FINANCE BILL

M. BLUM'S DIFFICULTIES OPPOSITION FROM SENATE PARIS, June 19. Fresh trouble confronts the Prime Minister (M. Blum). The Senate Finance Committee emasculated the Finance Bill by limiting it to suppression of speculators and fiscal frauds. M. Blum says he will demand a "show down." The Finance Committee decided to draw up a new Bill to deal with speculation and submit it to M. Blum. The Finance Committee of the Senate later adopted a Bill limiting the Government's plenary powers to deal with the financial crisis and refusing to allow the Government to control exchanges, the free circulation of gold in France, and the transfer of capital and securities to foreign countries. The Senate's Bill also forbids forced loan conversions, and modification of relations between the state and the Bank of France, ancl requires the Government to submit Orders-in-Council to Parliament for ratification. M. Blum has called a conference to discuss means of conciliation. FULL POWERS SECURED CHAMBER SUPPORTS PRIME MINISTER PARIS, June 20. (Received June 20, at 7.30 p.m.) Despite appeals by M. Blum and M. Auriol, the Senate by 188 votes to 72 rejected M. Blum's Financial Bill and adopted its own by 238 votes to 52.

The Chamber of Deputies later voted to M. Blum full powers on the original proposals, thus turning down the Senate.