The French Financial Committee completed the preparation of the Finance
Bill in time for its presentation to the Chamber on Tuesday, when the draft text was pub- lished. There it is likely to be discussed -for several days. It is evidently a complicated, not to say confused, measure, and at the last moment there was added a tax on the Conversion Loan which had been commended to the country as being tax free. After such great and prolonged difficulties M. Painleve probably congratulates himself on being able to present any Bill that has even the conditional support of the Socialist and other parties. Many' amendments, radical and technical and including proposals for State lotteries, will be moved. The form of Capital Levy now proposed is fourteen annual payments of 15 per cent. of the income derived from land and other forms of property and income. Formal mortgages and bonds will have to be drawn up until the levy is paid off. If payment is made at once, it will be one and a half times the whole annual income. If the property is sold, the whole tax must be paid off. The levy will be subtracted upon the redemption of 'Rentes and other Government bonds. * * * *
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