FRENCH FINANCE

Rotorua Morning Post, Volume 3, Issue 666, 19 October 1933, Page 5

FRENCH FINANCE

(Press Assn.—

emergency b1lls heavy taxes proposed to overcome . , deficit WILL NOT BORROW

-By Telegraph— Copyright) .

Paris, Oct. 17. The Chamber of Deputies by 470 votes to 120 granted the Government's request to apply emergency procedure to the Budget praposing to raise £75,000,000 to cover the deficit by two bills, the first of which pro- | vides for eomprehensive emergency measures producing £67,500,000, and, the second the ordinary Finance Bill for supplying- the remainder. The Government states the deficit rnxxst be covered by economies and increased taxation. They will not borrow in order to keep their borrowing capacity intact to repay the 10-year bonds due in 1934 and also to finance public works schemes to relieve unemployment. The proposals include: A petrol tax instead of taxation on | motox-cars. This is expected to yielcl i £5,5000,000. A business turnover tax on water, gas, and electric companies producing £3,000,000, although eonsumers' rates are not to be raised in view of the fall in the priee of basic comnxodities. A tax on Government salaries and pensions realising £13,500,000. A revision of departmental administrative expenditure to save £6,000,000. Reductions in exemptions granted in more prosperous times, £11,000,000. Reform of monopolies, including cigarette lighters with the imposition of a monopoly in the sale of arms, £3,000,000. The revenue includes a non-recur-ring amount of £8,000,000 from a national lottery and £8,500,000 from the new nickel coinage.