Finance Summary

According to a despatch from Paris, France has just ended a year of extraordinary industrial and commercial prosperity. Owing, however, to the nonpayment by Germany of her debts, the national finances are in worse shape than they have ever been in the history of the Third Republic.

Some details:

Internal debt, 1922 .... 250,000,000,000 francs New loans issued, 1923.. 19,000,000,000 francs

Total debt, 1923 269,000,000,000 francs

Foreign debt, 1922 95,000,000,000 francs

No loans issued.

Exchange depreciation.. 31,000,000,000 francs

Total foreign debt .... 126,000,000,000 francs Total National debt.... 395,000,000,000 francs

Budget. According to the report adopted by the Senate (TIME, June 25) the figures for 1923 were:

Revenue 23,054,000,000 francs Expenditure 22,151,000,000 francs Surplus 903,000,000 francs