Budget

If there is one man in France who increasingly continues to hold the public's good will, that man is Joseph Caillaux, Minister of Finance. Even the numerous journals of Paris and other centres give him a bonne presse. How long it will continue is not worth a second's consideration, for in French politics nothing is ever predictable.

Last week, the Finance Minister laid before the Chamber of Deputies Finance Commission details of the current year's budget, which had originally been fashioned by M. Etienne Clementel, his predecessor, and which he had found it necessary to modify.

In brief, he laid before the Commission plans to raise an extra 1,500,000,000 francs ($75,000,000) by taxation, to increase the note circulation 4,000,000,000 francs ($200,000,000) for the purpose of paying maturing short-term credits, to decrease current expenditure by 2,000,000,000 francs ($100,000,000). In this way, the Finance Minister expects --if the Moroccan war does not ruin his plans--to produce a small budgetary surplus. Amounts falling due from Germany under the operation of the Experts' Plan are this year to be used as budget receipts, but next year they will be kept in a separate account and use:l for paying reconstruction charges and French debts. This will mark the end of balancing budgets with expectations from Germany, which has been a common practice since the War.

The parties of the Right and Centre, represented in the Commission, whose support M. Caillaux has consistently sought, accepted his recommendations and they were passed by a majority. The Socialists, however, hung out for a capital levy, but were expected to drop that issue before the reconstructed budget is debated in the Chamber.