THE FRENCH SITUATION

Hokitika Guardian, 2 August 1926, Page 2

THE FRENCH SITUATION

WIN FOR POINCARE. FIRST MEASURE ADOPTED. [Australian & N.Z. Cable Association.) PARIS, July 31. The Chamber by 380 votes to loO 1 passed a vote of confidence in the Government on a motion to proceed with the discussion of the Finance Bill. The. Socialists opposed the motion on the ground that the present Bill was in no way sufficient to restore the financial situation. M. Poincare declared that the pre- „ sent bill was in the nature of a caulk to the leak, so as to prevent the ship from sinking. He foreshadowed further stops to create a sinking fund, involving greater fiscal effort. The Chamber adopted the new financial proposals by 295 votes to 188. They include the article to increase the remuneration of the Senators and Deputies from 27 to 45 thousand francs yearly.

THE FRANC. VALUES IMPROVE. LONDON, July 30. The French franc closed to-day at 201 J to £l, and the Belgian franc ICO) to £l. LONDON, July 31. The French franc opened, to-day at two hundred to £l, and closed at 199 J. The Belgian franc closed at 192} to £l. POINCARE’S PROGRESS.

PARIS,. Aug. 1. M. Poincare had his first triumph in securing power to impose new taxa tion totalling fifty-five millions sterling, at the present rate of exchange. The Chamber was gagged by a previous resolution not permitting amendments and passed the proposals mechanically clause hv clause. Socialists intimated that the'Chamber had abdicated their function previously and they would not take further ■ part, and led by Renaudel they quitted the House. Communists earned on opposition fiercely resenting consistent elds lire.

FRENCH AFFAIRS

PARIS, August 1. Ml. Poincare made n most important announcement at the close of the sitting when he said the next step would 1» the establishment of a sinking fund which would he instituted by the National Assembly convoked fat Ver- t sailles. It was desired by this proccduro to withdraw the "scheme from the vicissitudes of parliamentary life. The “ Daily Express ” states Poincare’s reference to the sinking fund procedure elicited a .sensation. The National Assembly, which alone has power to elect the President of the Republic and alter the constitution is composed of all members cf the Senate and Chamber. The decisions ; must he a two-thirds majority. It is thought M. Poincare will seize the opportunity to seek from the Assembly, wider powers fort tlie executive.

FRENCH POLITICS

(Received this day at 9.0 a.in.) PARIS, Aug. 1. Tho Chamber polished off twentyseven out of twenty-nine articles in tlie Finance Bil in four hours, only going to division, one imposing fresh taxation on liquors and the other revising tlie succession duties. M. Poincare made the adoption a question, of confidence whereupon they were carried by a substantial majoiity. The Bnnque has raised discounts from 6 to 7} per cent.