New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-15
New Ministry's Immediate
Attention to Finance a
Favorable Factor.
LOAN PROBLEM MUST
BE SETTLED AT ONCE
Budget Crisis the Most Severe
France Has Ever Known
Debit of S2O9,O00,000.
{ BY Cshl. to The Tribune.

Paris Jlne 1.-THE Bourse remained
depressed and stagnant all last week
The recent flicker Of hope aroused by VI.
Ribots financial programme was wiped
out by the fan OF his Cabinet French
rentes closed weaker on Saturday. and a
general sagging Of prices was noted in all
departments
The fact. however. that the Niyiani
ministry has lost no time in outlining it's
attitude regarding tho financial problem
that. like NJ. Ribot it realizes the gravity
of the situation. even II the Socialist Dep
uties pretend to close their eyes TO the
crisis. cannot but exert beneficial effect
on the market tomorrow. In the oriet-
est possible terms the financial situation
Is as follows:
There is an admitted immediate budget
deficit Of $4,000, 900. in addition TO which
expenses for Morocco, amounting 10 Sb'
500 600. are needed a. once. Exceptional e1-
pendture for ornaments 10 the tune OF
$I23. 10000 must be met. These three
amounts. aggregating S209 90. 900, must be
provided before the end OF June. This is
the legacy Of the last Chamber The op-
portunity for the new Parliament 10 show
its capacity for finance is thus apparent.
But the Chamber, II wise, will not con-
fine its efforts TO covering the very press
ing deficit but will take In hand the
means OF balancing future budgets In
good and useful time, so AS to avoid the
habit OF proerastination and the costly
and wasteful way of voting monthly in
stalments OF a budget not digested as a
vhole-a method which has encouraged
much uncontrolled expenditure. few re-
cent examples OF this unbusnesslike meth
cd will suffice. -Four monthly instruments
were voted in 1910 before the budget for
that wear had been fully considered or
the sources OF revenue were known from
which TO cover expenditure. Two monthly
instruments were taken in 1912 for treas
ury requirements, seven in the following
wear and at least as many will form
the record OF the current financial period.
The abuse Of parliamentary initiative is
one Of the causes OF this ~dilatory pro-
cedure. In most other countries budgetary
action ia strictly reserved to the execu-
tive powers. but in France il is exercised
houses. Even the budget commission
falls into the same unfortunate habit, and
ressts less and less the tendency to up
set the budgetary project submitted to it
by the government.
The cost and delay which frequently
have followed this impromptu eabora-
ton OF new financial plans have been
D
debates on the budget for 1911 no less
than 172 resolutions were moved and
423 amendments 10 the budget were pro-
posed. In the year 1918 there were PSI
amendments To the budget estimates sub
mitted without taking into account those
placed on record in the Senate.
All these motions and amendments for
modifying the budget proposals were
presented without the slightest heed OF
the difficulties which the government had
to face in establishing a balance. They
usually tended 10 an increase OF expendi-
ture and a reduction Of receipts. The
verboslty OF members, with a view 70
electoral advertisement, is another way
OF wasting time
Financiers would like to impress upon
the new Parliament the advantage Of
putting curb on its irrelevant eloquence
when discussing the budget and financial
laws Punctus budgets can only be OBJ
tanned by a certain amount of parla-
mentary self-discpline. Perhaps the rep
resentatives OF the nation may be
tempted TO exert this control when hav-
ing 10 face the consequences Of four years
OF financial muddle.