The official report on the French: Budget for 1922 has now been concluded and indicates a total expenditure of Frs. 24,953,239,027, against receipts of Frs. 23,327,980,- 897, or a deficit of Frs., 1,625,258,- 130, attention being drawn to the foch that, by the emission of Treasury Bonds, it is hoped provide for this deficit without. creating new taxes. It is necessary, however, to remember that itor the next 10 years six to eight milliards of credits will be required in the special Budget, in connexion with the reconstruction of the devastated territories, to which must be added four milliards for pensions and two milliards for interest on amounts already borrowed, these expenses being recoverable under the terms. of the Peace Treaty. The report emphasizes that it is more than ever necessary to maintain in full activity all the economic forces of the country and: this necessity has inspired the decision to reduce in the future the irate of interest on Bons de la Defense and to abandon the project for doubling the tax on business turnovers. Among possible economies the report specially refers to those would result from the suppression of certain monopolies, such as telephones or tobacco.
Text read from the printed page and cleaned; old type leaves the occasional error.