It must not be forgotten in discussing the various pro-
posals for an Income-tax in France that some new source of revenue must absolutely be discovered if deficits are not to be perpetual. Large reductions in expenditure cannot be made while the present system lasts, and even M. 1141ine seems to hesitate in introducing new measures of protection. The Government is now, therefore, it is stated, thinking of introducing a tax of 44 per cent. upon all paper securities, that is, in fact, an Income-tax of 104d. in the pound upon all income which can be reached without asking for returns. It seems certain that the proposal is officially put forward, but we have difficulty in believing that it will be accepted. It will injure credit as a general Income-tax would not do, it makes no distinction between rich and poor, and it will seem to the small holders of stocks a partial repudiation. Still, it must not be forgotten that it succeeded in Italy, and that iarge classes will enjoy taxing this kind of property.
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