FRANCE: Guillotined at Dawn

Position of France last week when her Chamber did not choose to pay:

National Budget: Drawn to balance at 41 billion francs but unbalanced by a current deficit of 3 4/5 billion francs ($150,000,000), with current revenues running 20% below estimates.

Trade: Exports down 37% below 1931, imports down 32%, with the French trade balance increasingly adverse.

Taxes: No recent major increase but estimated to absorb 30% of the national income, compared to 10% in the U. S.

Unemployment: Quadrupled this year to an estimated total of 2,500,000 of whom 250,000...

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