The Sun and the New York herald., 1920-08-01
FRANCE FACING
BIG DEFICIT; TAX
LIMIT REACHED
Significance of MiIlerand's
Victory Is That Indem-
nifty Illusion is Gone.
HEAVY LOANS SOON DUE
Coal Crisis Next Winter Is
Averted-NegOtiatiOnS Now
On With Morgan 4 Co.

Speciol Gable Despatch 10 THE SuS ANp NEW
YORK HERALD, Copyright. 1870, bv The SuN
AND New York HERALD
PARIS. July Silt is apparent now
now that disquietude over French
financial conditions lay behind much
of the debate in the Chamber of Depu-
ties on the arrangements made at Spa
with the Germans in connection with
coal deliveries. This debate resulted
in Premier Alexandra Millerand again
winning a vote Of confidence in the
Chamber yesterday, when 356 Depu-
ties approved his policy. as against 169
who opposed it. BY the terms Of the
Spa agreement, France Is called upon
to advance 100000, 900 francs month
to Germany in return for the coal de-
llveres
The fight against the Governments
policy was led by Andre Tardeu, head
ing the Georges Clemenceau support
ers in the Chamber, and Deputy Boka-
nowski, who spoke for the Commission
on FINANCES OF the Chamber, which
opposed the payments to Germany.
NJ. Millerand in defence of his policy
declared that France would get no
coal next winter unless she ratified
the Spa agreement.
position in tho Chambor ~ tho Spo
agraen,ert ,s tho .mn,'s'a ~ Nj, ,.,, Srn
| oS Einonoo ., W. s,u VIC MIl'.suy
n,ora,, - 80 20 p- p,arI'eHs III se,'!hs
Ano,s us.oo,1 ,a' up ur- par ol 'ne
~ Tynitos e., ,oa'', w.'iCn lSIEs que IN
con o,ion"o .e n,"s 1'a,es oS neMa pe.ooef @ "nLe
tbat Eronoo ,,o,Hs h 80 So,le ~, s,,l. eeo n.
sha 20 ~, "oeio sosn ooo m az aoie 70 ineet ner ,
rao,,,ra .o he VOVU,eVg 80, q. g"s io"" VII
M 70 W @ pau ., Vut, W. ~ a." "ppeals W. NOV
raIsod ~, M T- o,a~ ~ viVU,oVv,vvu ~ va" os
,t,at .Ao ro,,'.aL - ~. .IiS tuI puss' aitu
lea =" 80 Ln ~ So,sn poi'si. 49,. WI. oe ~
w,on~in .,'',n - ,o 'oaii ~,
4. ,ase."tSI, " :, .''s ~ W va alai'ue ~
ootna -, LIN, - SHIa &C nv"
ss vn WIN o. Morsan q 20. IN
si,,,.,,r, :. 's ,..I ." is s
anns.aI s,,I yt,' u 'nS
erno,o,. Sn'n q, "n ~'no' '"7 H0''
''''e' "eie ID i"'' " iaee'
Muat DouhIa N.,v Tax Tov,o.
Inc lect Is that the indemnity which
uernahg pays france must be based
on tne most favorable amount from
french point or view, or else France
must exactly dounle mar new tax leVies.
me only alternative Will be the Issuing
Oh large loans with the possibility that
lhere VIII De compulsory feature In
co. nectloA win tnese loans.
Ihe present noatlng and foreign debts
amount TO 2o4.OOO'OOO,OOO francs, which.
'.oVO'ooo'OOO francs be added for re-
storing the devastated regions. and an
estimated lOQ0OO0OO00 francs for de-
ncits In the BUDGETS, the total will be
22S,OOO,OOO,GOO francs,
IL Is estimated now that even with the
new taxes there Will be deficit In the
next budget Of about 1l,50O,o00,0Oo
francs, against which the German an
francs, which means that either by new
franc, mus, ha for+hcn,,tra w s,,,,..s
things
II "a he,isvad IN u,e,l ,nforr,od oirole,
,hat rathar than ir,nn.a 80. .aos
a fter the haavv Increasas In taxotion
recant,y tho Coyorrroert ,,iII ra.ort 20
borrouinS ths arst ioan ~ ~ ens,aS
newt art,,r,,,
T,ha Goyarn,ror. h,s ~. ,,o, ia .h.
conrage 10 anno,,nca ,,,bt,c,,, rvtat
Trarao Iii 80 40 IL - .l oS
,h,. ~ avna-es 80 sno in ons,,o5 =,
1:o,,ld ho onfas.,o,, 80 ,,,a tIoro,,,.,n
49,. az TsnanoI, -. " ' - ~ ~
s,,,,ra ~ 60. ,to a,Ia. 'nSi. Ia y.
,,.o',,I S.s.- ~. -, ...,'. 49,, ~
,u',.'a 49, - g" o"e ~ , o
,,n5ne Ii T., VIC ri 'r ,n c peopio sa,,,,'' IA"
M IHranno Son,nrisstn,,,n ,.r,,,,,o,,,
~ ,neo , oo''.il'slDm .n S,. . asuens
se',rdaa ,hd 80 s,o Do,,.Jo, Dt I7.in -
'' sou,ueu .nv no'' 'ne u.ies WI WI '"iS9
poi'arse,,,si,t eIl. a.. nSaot,t"u 20 ~ -
'-,Ia"in.. SaI,., S",' ~ ,sa. ns, % l,,, o y,
,,iso'on, m.' ueeai.u ,, t.a. 'h1 Om"'iDei w
h"a'tost a. ' hudoD u,g .in, ~ 'oe @ @ o,e
lieaNisst , "a uuiuen u na'pn ete' eo
s eneu III. ~ ous., ~ ieaonru y, , tne
're''ie i'iiiie ol 'ie rreie" taxpayer
Financial Stn,u. In hangar
''It is impossible for France TO as
sumo any part OF the obligation devol-
wing upon Germany through the Treaty
OF Versailles" he added. ITO go fur
ther would be to compromise Frances
financial position.
ut is apparent tina: the Spa agree
ment constituted not a simpie interpre-
k,e . .n,I a1.a.o,ia,, - -