Los Angeles daily herald. [microfilm reel] (Los Angeles [Calif.]) 1884-1890, 1886-01-01
FRENCH AFFAIRS.
A Very Bad Financial Out
look.
TOO MUCH ExTRAyAGANcE.
The Effects of the Reckless Expen-
diture of 1881 Beginning
to be Felt.
FRENCH AFFAIRS.
TOO MUCH ExTRAyAGANcE

Special 10 The Herald bu me Associated Press.
PARIS, December 3l.-An English OBJ
server has recently given the following
picture Of the commercial and indus
trial situation in France for the month
OF November: Figures of French imports
and exports show o decline of Sl5,OO0,- :
900 as compared with the same month
OF 1884. There was decrease on both
sides of the account. There is no doubt
that France is approaching crisis in
commercial and financial affairs, and
one that will long be felt by the
French people. The causes which are
slowly and surely bringing about this
state of affairs are several, but the most
prominent il the extravagance Of the
Government. During the past several
years the Government--since Marshal
McMahon retired to private life---has
built thousands of miles OF Improbable
railway and thousands Of schools OF
which four.fifths were not wanted.
From $4OO, 600. 600 to $500, 000, 900 for
the roads, from $l50,000,000 to $l75,-
600, 900 for the schools were thrown into
circulation aud created the false pros
perity Of which 1881 marked tho culmi-
mating point. People literally did not
know what to do with their money, and
as they could not find any profit.
able employment in agriculture and
industry it went into all sorts of stock
exchanges and building operations.
Now it has come to reckoning and it
is by no means cheerful one. though
taxation in every form and shape has
reached heights undreamed of before.
The income from this source has fallen
off during the last few years and the most
Ingenious bookkeeping has not been
able to hide from the public the CON
slant deficit. A floating debt is rolling
up Of which nobody knows the real
amount. So long as money can be had
er 1t be the States or the owners.
Year after year France has been spend |
ing millions beyond its income. If il pro-
ceeds much longer in its habits of extrav-
agance the French treasury simply will
have to confess that it is insolvent. The
prospects Of agriculture and industry are
not more cheering, owing to the compe-
tition from America, Australia and India.
French farming has been less profitable
Of late years. and the value of live cattle
has decreased 30 per cent. The invest
ors in house property are not much bot.
ter off. In the provinces such property
has become very difficult Of sale unless at
enormous depreciation, and in Paris the
state OF things is not much better.
Though there Is of course large mar
ket, there are more than 5000 apart
ments to let in Paris. Rents have gone
down 30 to 80 per cent. and even at
reduced amount they are impossible TO
let. In the Boulevard Haussmann aud
Boulevard des Italiens, in fact in the
very heart OF commercial Paris you can
see everywhere for mouths New Years
bills stuck up "To Let" where formerly
it was most difficult to get room. The
Bourse has, OF course, suffered most of
all from the general reaction in
1881, when the brokers were shouting,
shrielsiug and driven mad with over
work, unable to fill the orders which
poured in. OF the sixty privileged bare
iy dozen stand in their allotted places
and they talk of the new play which
came out the night before or of the Bal
kan question. The French Republic will
only buy government stock. 1t still
feels the losses of 1881. How great |
these losses are may be judged from the
endless list Of companies Ia bankruptcy |
or liquidation and from the prices of the
shares OF those companies still alive. |
What has freely sold at Sl250
to $3.50 is now only worth s625 |
to $675. Even in the best stocks
the daf.rac,a tior hos hoao faarful The