New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-14
FRENCH FINANCES.
THE DEFICIT OF s7s.ooo.Ooo THE LARGEST
EVER SHOWN-A NATIONAL
BUDGET

Paris. October 2s
The latest phase OF the national financial stu
alton has been made the subject OF careful ex-
animation by NJ Paul Leroy Beaulieu. the well
known politica economist. whose figures indi-
cate that the condition OF the treasury is even
worse than expected NJ Rouvier the Minister
of Finance. is. of course. powerless to diminish
the deficits Of the fiscal year OF 1901 and of the
earlier months OF 1902. which. according to off,
clal estimates. amount TO no less than S34 700
OOO. The deficit of 1902 up TO October reaches
the respectable figure Of S225OOOO0 not in
Guiding S12SOOOOO obtained by a financial oper-
alton which virtually amounts to loan. and
which brings the total deficit registered Oc-
tober to the sum of S35,SO0,O0O.
1t is barely possible. but by no means proba-
BILE. that this sum may be diminished in the
last quarter of 1902, should the Chamber Of
Deputies comply with NJ. Rouvier's demands
and annul certain credits not absolutely neces-
sary and effect economy. NJ. Leroy-Beaulieu
even goes so far as to say that this enormous
figure, instead Of being decreased in the last
quarter of 1902, is far more likely to be serious
ly augmented If we take the moderate es-
innate of $35.3OO.O0O as the shortage for 1902.
and if add TO this the deficiency OF SS4.-
100000 for 1901, and II 20 these two sums be
added the issue OF six year bonds to the tune
Of over SS,SOOOOO. it will be seen that the total
deficit with which NJ. Rouvier. the Finance Min
lister. is confronted reaches the stupendOus total
of ST9OO0OOO This is a situation which in the
way OF annual deficits breaks the record, and
for a period OF profound peace is absolutely
without precedent
The balance OF the government treasury at
the Bank Of France on October 10 49,
100000. 1t is true that the balance on the cor
responding date of the previous year only
S15.OOO.0OO. but the government balances at the
Bank OF France for the years 1900 1899 and
1898 were. respectively. $66.OOOOOO. $jO.0OO.OOO
and sci 100000. This shows that the present
balance Of the treasury at the Bank of France
is S25.OOOO00 less than the average balance Of
the three years 1898. 1899 and 1900. Political
and economical conditions have brought about
shrinkage in value OF French Government bonds
or rentes. and the outlook for the new govern
ment loan which NJ Paul Leroy BeaulieU says
is inevitable, although il may. in his opinion,
be sttI further postponed. is by no means en-
couraging. NJ. Rouvier has made and is still
making frantic appeals TO his ministerial col
leagues to reduce their respective budgets. and
has set a good example by reducing the ex-
penses of his own department by some S10.-
100000. The expenses Of the Ministry Of Fine
Arts are reduced by 100000. and singularly
enough the budget Of the Ministry of Marine is
for 1908 exactly TO fraction OF franc what it
was for 1902, namely. SCI .S59. 747. and this is
the first time in French history that the ex-
penses of any one department have been un-
changed from year to year, All the other min
listers. especially that of war show large in
creased expenditure, much to the disnay OF NJ
Rouvier and Of sound economists like NJ Paul
Leroy Beaulieu. GLIB.