** * *
I 1 ranee.—On July 31 Poincare’s
fiscal bill was passed by the Chamber,
without amendment and almost with
out debate, 295 to 188. On August 3
it was passed by the Senate, 250 to 13.
It is officially estimated that the reve
nue from the new taxation will be
2,458,000.000 francs in 1926 and 9,192,-
000,000 francs in 1927; increasing the
total of taxation by about 25 per cent.
The Bank of France'has raised its
discount rate from 6 to 7t£ per cent,
in the hope of thereby winning
homo expatriated capital, and the
interest rates on short term bonds
have been raised in order to encour
age renewal.
Next a bill providing for establish
ment of a sinking fund for amortiza
tion of the floating debt, to be fed
from profits of the tobacco monopoly
and from certain categories of taxa
tion (e.g.., succession dues) specifically
allotted to it. On Thursday the
Chamber passed it by a huge majority.
