will entertain you nightly at o? $30,000,000 per annum in revenue. State Governments, they declare, would also benefit by considerable increases in revenue from reciprocal authority given to them to tax federal salaries and bonds.
Commenting on the President's message, Treasury officials expressed the view that the removal of tax exemption on future issues of public securities would not make much difference in respect of rates of interest, or marketability, of Federal securities.
If the entire Federal debt were refunded' into taxable securities, they commented, the annual increase in the interest cost would be estimated at between $19,000,000 and $50,000,000 compared with the present total annual interest burden of $1,000,000,000.
Officials also estimated the difference in the interest rates between non-and exempt Government securities at no more than one-half per cent. on the longest maturities, French Vessels Depart For Manœuvres Paris, Jan. 19.
The combined French Atlantic and Mediterranean fleets began their annual winter manœuvres yesterday, when the Mediterranean flotillas left Toulon while the battleships Lorraine and Bretagne escorted by submarines, departed from Brest for Cesablanca. Grand naval exercises are taking place outside Casablanca, off the coast of North Africa.
The British Home Fleet is also leaving shortly for spring manceuvres in the Mediterranean.—Havas.
Text read from the printed page and cleaned; old type leaves the occasional error.