East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-09-23

snort term ana floating ueDl ~ ue-
creasing, ar actual shrinkage of over
3 billion having taken place in this
item during the first five months of
1920.
At the outbreak of the war France
was in an especially strong financial
position. Estimates place the annual
pre-war income from overseas invest
ments of the French people at about
3 billion francs, while the adverse
| trade balance was only 1,500.000,O00l
| francs. To this favorable balance OF
100, GOO 900 francs must be added an
other important invisible item in the
form of expenditures by tourists in
| France Thus France, as a creditor
nation, was able to increase her for
eign investments at the rate of about
1906, 900. 900 francs a year. Part of
| the excess income from abroad was
absorbed in the purchase of gold
which was placed in reserve in the
Bank of France.
| During the present year the fl
nance ministry set out to balance the
budget and it's success in increasing
the revenues has been remarkable.
Ordinary budget expenditure of 21.-
| 761 100000 frs, including all civil.
military, naval and colonial appro-
tpriations and 1883. 100000 frs. for
the service of the debt, is entirely bal
anced by taxation, and by 2,915.000,-
/ 900 frs. to be received from miscel-
| laneous liquidations. French taxes
| fall into four classes: I'd direct tax
es including the land tax; (2) war
profits taxes; (3) income taxes; (4)
indirect taxes and monopolies. Re
ceipts from each of these sources show
marked improvement. During the
first half of 1920 collection of war
profits taxes averaged 1S9 million
francs monthly as against "a millions
monthly in the two previous years
The growth of income tax receipts is
iaiso remarkable. from 20 million
francs monthly during 1918 to 1872
millions per month during the first
four months of 1920.
But by 1ar the most important in
crease has been in the receipts from
indirect taxes, which form about 80
per cent of the ordinary income of the
treasury. Comparison of the returns
for the first six months of 1920 shows
that the treasury received from this
source 3,449, PIT, 900 fr., or $50 per
cent more than during the first half
created June 25, 1920, went into<ef-
feet July 1st. The results for July |
were:
observation-disclosures over budget es-
Collections. 900 Frs.
Excess over budget estimate, 1885,,
s24, 200 Frs.
Increase over 1919 figures. 4s.s2
per cent.
Collections seven months ending
July: 6,469, $4,000.
Excess over budget estimate, 1879
49S, 600.
Increase over 1919 figures. 53.46 per
cent.
Extraordinary budget expendi-
lures of 5,420,000 900 frs. have been
covered by portion of the proceeds
of loans already made in 1920. The
account of expenditures recoverable
under the treaties of peace, in which
is placed the expenditures amounting Il
to 2O.751 100000 frs. for reconstruc-
tion, is being covered pending the
payments due by Germany and her al
lies on reparations account by long H
and short term loans offered to the
French people. In this connection, 1t
should be mentioned that the net sale
IF Bons de la Defence Rationale aver
age more than 1900. 0.000. 900 frs. per
month during the first six months of
his year and exceeded 1,20O, 600, 900 III
RS. for the first two weeks in June a III
testimonial of the spirit and to the III
aving and investing power OF the Il
french people III
The latent Investment power of the
-, 81