FRENCH FINANCE SCHEMES
CONVERSION OF, £900,000,000
NEW TREASURY BOND ISSUE
PARLIAMENT’S FAST WORK
BIGGER DEFICIT EXPECTED
By Telegraph—-Press Assn.—Copyright.
Rec. 9.10 p.m.
Paris, July 18.
On the eve of their holidays Senators and Deputies rushed through a series of most important financial schemes—firstly, the issue of an . additional £22,000,000 in treasury bonds; secondly, a £40,000,000 loaii to Algeria, half of which sum will be used to repay loans to the French Treasury, the remainder to be spent on public works; thirdly, the proposed conversion of rentes in the late autumn, which may cover £900,000,000 bearing 5 and 6 per cent., and which it is hoped to convert to 4j per eentS., resulting in a saving of £16,500,000 annually. During the recess Parliamentarians are certain to hear indignant reproaches from rentiers who are trying to live on their investments in Government stocks and have already suffered greatly owing to the changed value of the franc and the recent increases in income tax.
The estimated deficit for the current year is still £50,000,000 and next year’s is estimated at £88,000,000, so heroic measures are essential.
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Bibliographic details
Taranaki Daily News, 19 July 1932, Page 7
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183FRENCH FINANCE SCHEMES Taranaki Daily News, 19 July 1932, Page 7
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