BUDGET BALANCE

Taranaki Daily News, 17 September 1934, Page 5

BUDGET BALANCE

RESTORATION IN FRANCE ANNOUNCEMENT BY MINISTER NO FRESH TAXES IMPOSED REJECTION OF DEFLATION “GOLD BASIS OF STABILITY” By Telegraph—Press Assn.—Copyright. Rec, 6.35 p.m. Paris, Sept. 15. M. Germain Martin, Finance "Minister, announces a balanced Budget for 1935. The estimated receipts are 47,022,090,000 francs and the estimated expenditure 45,984,000,000 francs. “The Budget,” M. Martin says, ‘‘has been balanced without the imposition of new taxes or the call for fresh sacrifices from civil servants and ex-soldiers. The Government emphatically rejects the devaluation of the franc, which would compromise the recovery of the financial market and cause higher prices.” The preamble of the Budget condemns tariff barriers as. leading to material ruin and the progressive disappearance of civilisation.

“We are persuaded,” it says, “that the European nations and the world generally will soon be convinced that a stable currency based on gold constitutes the sole basis of exchange and that there will soon be a return to normality. The fact that France signed twenty-three trade agreements in the past year is a hopeful sign.”