FRENCH FINANCE
CAUSE OF THE DEFICIT. GERMANY’S DEFAULT. (By Telegraph.—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) PARIS, October 6. (Received October 7, 1220 a.m.) The Minister of Finance, addressing the Chamber of Commerce, said the Budget deficit of four milliards of francs was due to Germany’s default m connection with her obligations with respect to the devastated regions necessitating loans. Naval and military expenditure had been reduced from 6,300,000,000 to less than 5,000,000,000 francs, which disposed of the accusation that France was, militaristic. Civil expenses were reduced by seven milliarch of francs. The receipts increased by two milliards. He did not propose new or increased taxation or more paper money, but meeting the deficit with a short term loan.
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Southland Times, Issue 19658, 7 October 1922, Page 5
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119FRENCH FINANCE Southland Times, Issue 19658, 7 October 1922, Page 5
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