FRENCH BUDGET

Hokitika Guardian, 19 October 1933, Page 5

FRENCH BUDGET

A HUGE DEFICIT

TAXATION AND ECONOMIES.

(United Press Association—By Electric Telegraph—Copyright.)

PARIS, October 17.

The Chamber of Deputies, by 4'. j to 120, has granted the Gove'rnmeyt’s request to apply emergency procedure to tlie 'budget. The Government proposes to raise £75,000,000 to cover t he deficit, by two bills. The first Bill provides comprehensive emergency measures to produce a 'revenue of £67,500,000. The second, the ordinary Finance Bill, will supply the remaining £7,500,000. Tile Government states that the deficit .must -be covered by economies and increased taxation. They will not borrow to make up the deficit, as it is desired to keep the State’s borrowing capacity intact, to repay the ten year bonds due to 1934; also to finance pub" lie works schemes io relieve unemployment. The pioposals include tlhe ’following

A petrol tax (instead of taxing motor cars) -which is expected to yield £5,500,000. h '

A 'business turnover tax on the water, gas and electricity companies'; 1 to produce £3,000,000, The charges ffo the consumers will pot be raised, owing to a fall in the prices of basic commodities, A tax on Government salaries and pensions, yielding £13,500,000. The revision of departmental administration expenditure, yielding economy of £6,000,000. Reductions of exemptions granted in mare prosperous times, to produce £11,000,000,

.Reform of the monopolies, included eigaretie lighters, with the imposition of a monopoly s ale of -arms to produce £3,000,000. The revenue also includes a non-re-curring amount of eight millions sterling from the national lottery, and eight and a half millions stealing (from a .new nickel) coinage.

BIG PUBLIC WORKS PROGRAMME. BOURSE PROFITS TO BE TAXED. PARIS, October 18. The ! Prem)ier, • jM. Daladier, referring to the Budget, said that the Government have reduced the national deficit by ,130 'millions sterling, and the remainder of the deficit .must be. wiped out immediately. . The taxation proposed included .an impost on the profits made in .transactions on the stock exchanges..' The Government have tabled & plan of “economic ' equipment.’’ This includes a .four years! public, .works programme, estimated to cost 171 millions sterling.

'The ;pla|n. also provided for the Making Jff roads and bridges, town planning and rural electrification for which the Government will -1 provide 119 millions sterling.