France’s Economic Recovery

Manawatu Times, Volume 64, Issue 308, 30 December 1939, Page 6

France’s Economic Recovery

PRODUCTION UP, UNEMPLOYMENT DOWN. United Press Association—By Electric T elegraph—Copyright. PARIS, Dec. 28. The Senate unanimously passed the Budget. The French Finance Minister, M. Reynaud, speaking in the Senate debate on the Budget, said that during the year the volume of production and export had increased by 20 per cent. Unemployment was the lowest for six years. Capital had steadily flowed back to France, £340,000,000 having returned during the year. Social order had been restored. The civil Budget, said M. Reynaud, would be balanced and all expenditure met by taxation, including £115,000,000 in indirect war expenses. VAST TAX BURDEN IN GERMANY BERLIN, Dec. 28. The German national income in 1940 is estimated at 80,000,000,000 marks, of which 30,000,000,000 will be collected in taxes. DUTY TO SAVE URGED Received Friday, 9.50 p.m. PARIS, Dec. 29. M. Reynaud, in the Senate, outlining the extraordinary financial sacrifices demanded of Frenchmen, said: “The State has thrown itself upon the wealth of individuals and seized not only wealth but instruments for creating wealth. All future increases in civil expenditure must be demanded of tho taxpayer and all increases in military expenditure of loans. This ruling will control our budgetary policy throughout tho war. The citizen's duty is to save still more, subscribe still more, economise, give their savings to the State, and forfeit daily luxuries in order to make France stronger. The buying power of citizens must bo reduced. Suppression of buying will not dry up production because wartime production is different from peacetime."