In the French Chamber on Tuesday M. Caillaux, Minister of
Finance, introduced the Labour Pensions Bill in what the Paris correspondent of the Times calls an elaborate but half- hearted speech. He estimated the cost to the State would be at first fifteen million francs a year, that it would rise in ten years to ninety millions, and would then sink gradually to forty-five millions. To this must be added the loss arising from giving 3 per cent. interest on the Pension Fund, for the rate of interest was falling; in fifty years French Rentes might be at 2 per cent. ; and at that rate the total cost of the scheme to the State might in fifty years be one hundred and sixty-five million francs a year. The Civil Service pensions already cost eighty million francs, large sums were expended in bounties, and the Budget "contained credits for interests much less legitimate than those of workmen." France was by her position obliged to be a great military, naval, and colonial nation, but she could not simultaneously face these burdens and fulfil her democratic duties unless she economised in other matters. The Bill was declared urgent by 486 votes to 75, the discussion of the clauses being resumed on Thursday.
