4647 EIGEMTUM DES IN STL Tu TS r WELTY. "TSCHAFT — eB BIBLIOTHEK TH 4652 Ng, 2 At ; SR # BULLETIN No 7 : AuUucus1 15, 1925 Reference Service on International Affairs 10, Rue de ’Elysée — PARIS (VlIile) BUDGETS Visible Commercial Balances European Countries 1922-1925 NON Price : 50 cents. Subscription for one year : $§ 1.50 and of - s( Z2N) 10 BULLETIN No 7 Th SI AUGUST 15, 1925 a 2 L. ax Reference Service on International Affairs 10, Rue de I’Elysée — PARIS (VlIile) Caan 7 | {y A 2 Ur BUDGETS UH 13 - ’ VISIBLE COMMERCIAL BALANCES EUROPEAN COUNTRIES. 1922.1925 Economic reconstruction and readjustment have proved to be the most serious problems faced by post-war Europe. Seven years have now elapsed since the conclusion of the treaties of peace. Only during the last three years, however, has the economic and financial situation of most European countries been sufficiently normal to indicate the general trend. In this brochure, as a result, the status of the budget and foreign commerce of each country is given for the period since, and including, the year 1922. No comparison is made with conditions existing in 1913 or the period before the World War, for present-day Europe has few problems or general conditions similar to those of that period. Further, there appears to be no reason to assume, as Is usually done, that 1913 was a “normal” year. A full analysis of the foreign trade balance sheet of most European countries would show many items not indicated in the global sums as given in this brochure. The real commercial balance of a country would take into account “invisible exchange” items which do not appear in the customs returns. For the year 1924, for example, Great Britain had an unfavorable visible commercial balance of $1,507,000,000. In overseas Investments, national shipping income, and other items, however, the same country had invisible exports for 1924 estimated by the British Board of Trade at $1,636,000,000. Thus instead of a deficit in British foreign commerce during 1924 there was really on this basis a surplus of $129,000,000. For most countries, however, the visible commercial balance affords an excellent indication of economic con- AND OF tT A ditions. Among the Balkan states invisible items in the foreign trade, except remittances by emigrants, are negligible. In 1924, for example, Albania had an unfavorable trade balance of $1,565,264. It is evident that Albanian nationals do not have large investments abroad, that tourists do not spend mil- lions annually there, as in France, and that other invisible items do not figure to any appreciable extent. The foreign trade of most countries for the first months of 1925 has usually been given. It should be understood, however, that the returns for certain months, particularly in agricultural countries, are not always indicative of the balance for the year. Finland, for example, for the first five months of 1925 has an unfavorable trade balance of $10,981,729. When the timber shipping season begins later in the year, however, this unfavorable balance will undoubtedly be favorable. No statistical picture can be conclusive, but it is conceived that commer- cial balances and government budgets may be usefully considered together in arriving at a fair understanding of actual economic and financial conditions. So far as has been possible in the face of budgets drawn up in widely different manners and which separately must be translated from practically every European language, an attempt has been made to present comparable items with identical terminology. Where doubt existed as to what an item really included, a literal translation has been followed. It should be noted that the figures given in an officially published budget are reproduced as printed and that no attempt is made to go beyond such estimates. Obviously, because of space requirements, it has been possible to give only the essential outline of each budget. The data as presented are usually self- explanatory, and comment has been generally omitted. All budgets are given in the original currency. A table of exchange rates has been inserted for con- venience in making conversions when desired. The completeness of this brochure was made possible only by the full cooperation of various embassies, legations, and consulates in Paris, ministries of finance, statistical offices, and representatives of the foreign service of the United States. From these sources it has been possible to obtain copies of the budgets as well as other supplementary and essential data. AUSTRIA A. — Budgetary Situation Prior to the fiscal year 1925 the Austrian budget was divided into an ordinary and an extraordinary budget. This system is no longer used. Since 1921 the fiscal year conforms to the calendar year. Prior to 1925 the crown was the monetary unit; in the 1925 budget the schilling* is used. A com- parison may be made by conversion at the rate of 10,000 crowns to one schilling. The 1924 budget, for example, if reduced to schillings, would show 1. It should be noted that the part of exchange is 34.58 schillings to £1 and that there is consequently no similarity of value between the Australian schilling and the English shilling. wets 3 ncn revenue totaling 867,189,065 schillings and expenditure totaling 934,598,058 schillings, totals which may be compared with the 1925 budget as given below. Year Revenue Expenditure Balance 1922........ 207,693,400,000 crowns 245,094,500,000 crowns __ 37,401,100,000 crowns 1923........ 5976,619,900,000 » 8,640,870,200,000 » __ 2,664,250,300,000 1924 (budget) 8,671,890,652,000 5 9,345,980,589,000 — 674,089,937,000 1925 (budget) 856,855,932 schill. 914,462,436 schill. __ 57,606,504 schill. Budget for fiscal year 1925-1926 : Revenue Expenditure A. — General Administration : _ ERE series We ool — Generel ddminsration Cash ‘transactions. ................ 4,566,376 Government... ...... diy 2,241,389 Public debt... ....... 0 17,007,163 Administrative tribunals .......... 449,428 Payments from provinces and com- Court ‘of accounts... ... ==’ 327,298 3 I 9,838,577 Public idebt®..,..... i... = 157,301,207 Pensions te. LL 5,376,615 Subsidies to provinces and communes 4,413,107 Execution of Treaty of St. Germain 3,011,000 Pensions i) J A a 163,151,150 Public authorities, administrative Federal. Chancellery 3: ..,,... = 3,319,052 tribunals, courts of accounts... . 2,251 Public Instruction, Fine Arts and Federal Chancellery .............. 110,895,518 Chwrehil.,..... 2. our io 52,127,605 Public Instruction, Fine Arts and Social work... a i Ll 137,633,463 Churehit. S.L.0 LL, a 4,217,438 PIANC sets rate ie 43,378,210 SocialiWerki1 ,........ .... 0 86,789,412 Agriculture and forestry .......... 19,239,942 anes BR eT ‘a 3,206,505 Commerce and communications ... 51,581,406 Agriculture and forestry 00a Moun 1,450,288 AY Ts a dates oa i 69,457,900 Commerce and communications . . . ‘ 6,165,032 Execution of treaty of St. Germain 20,195,065 Army... SERERREE——— 681,200 te —_— —- Total of expenses of general Total of revenue of general administration ........... 832,393,688 administration ........... 706,851,209 : y B. — Monopolies : B. — Monopolies (net revenue) : . : (Tobacco, salt, powder and explo- (Tobacco, salt, public lotteries, pow- sives)ivcis, |. Jo, SH EEE 4,910,400 der and explosives) ........... . 147,397,765 : C. — Government enterprises : C. — Government enterprises : (Posts, telegraphs and telephones, (Posts, telegraphs, telephones, and forests and public domains, iscell ea I " 8 money, federal pharmacies and Tiscelizheons) 17,293,534 Journal de Vienne) ......... 4 2,606,958 D.— Rollroads ......ii5k ov 59,865,000 Grandi total... i... 856,855,932 Grand ‘total... .c.. 00. 914,462,436 References : Ministére des Finances (France), Bulletin de Statistique et de législation comparée, July 1924, September 1924, and March 1925; Bundesgesetzblatt (Austria), March 31, 1925. B. — Import and Export Statistics Year Imports Exports Balance gold crowns gold crowns gold crowns i . 1,757,284 1,111,417 —_— 645,867 1923........ 1,922,223 1,129,485 — 792,738 JO ii 2,412,350 1,380,624 — 1,031,726 schillings schillings schillings 1925 (first 3 months). . . . . . 371,645,000 264,440,000 — 107,205,000 References : Bundesamt der Statistik, Amtliche Statistik iiber den Aussenhandel. I. Includes 55,679,200 schillings representing the contribution of the employers, em- ployees, and the communes to unemployment insurance. 2. Includes only revenue of the Central administration and foreign services. The other revenue appears in the fiscal revenue, coinage, and cash transactions. 3. Includes the Chancellery and Ministries of Foreign Affairs, Justice, and Interior. BELGIUM A. — Budgetary Situation The Belgian budget is not presented as an entity, but is, for 1925, con- tained in 18 distinct bills separately presented. These consist of 15 proposals for the ordinary revenue and expenditure, one for the extraordinary revenue and expenditure, one for recoverable expenditure according to the Treaty of Ver- sailles, and one for the administrations of the Navy, Post and Telegraph Departments. Since 1924 the railways have formed an autonomous institution and are not included in the state budget. Year Revenue Expenditure Balance (in Belgian francs) 1922 0 6,722,623,869: 8,079,677,404 --'41,357,053,535 1 19250... 5,942,776,886 8,185,203,075 — 2,242,426,1891 1924..." 6,696,472,738 7,619,552,898 — 923,080,160 2 1925... Lc a 5,697.725.118 6,470,260,502 2 772.535.384 A detailed account of the budget for the fiscal year 1925 follows : I. — Ordinary Budget Revenue Expenditure A. — Ordinary Revenue : - - 1. Direct contributions, taxes on land, property, income, auto- : mobiles, theatres, gambling, ¥. Public debt ..........~...081,968.903,557 mines, etc. .............. 1,240,500,000 2. Civil service, Senate,” Cham- 2. Import duty... Lolo. 584,000,000 4 ’ 3. Customs and excise duties. . .. 468,050,000 ber of Representatives, and 4. Eventual revenue due to Bel- Court of Accounts........ 12,348,693 gium on joint account with i Bh fi Luxemburg thi lo, 1,000,000 3. Ministry of justice ......... 115,640,436 5. Miscellaneous revenue ...... 3,750,000 4. ” Foreign Affairs .. 32,187,950 6. Registration and public domain 7 : ; Fos ee AY, 243,752,000 5. Interior & Hygiene 47,855,908 7. River, canal, lock and quai 7 A i ROLLS uh ea es Ts 13,350,000 6 - es and Sciences | 321,499,978 8. Domain, forests, fishing rights, 7 Agriculture ...... 32,783,602 prison production, participa- 8. ” Public Works ... 95,770,806 tion in profit of National ° ol Tadust Labor & Bank of Belgium, bonus on . ry, La bank notes circulating in Social Welfare.. 105,519,832 excess of 275 million, div- oy Colunivs Siasiane idend on stock in Congo 10. salvia 451, Railway Company, etc. .. 138,952,975 II. ” National Defense 521,439,847 9. Various reimbursements from ; municipalities, departments 12. Police force '............... 57,424,800 and! provinces .\...l.\. 5 nL 148,715,469 13. Ministry of Finance ........ 175,097,419 B. — Exceptional Revenue : ” E ic Afai 1.600 10. Special tax on war profits, etc. 35,000,000 I: gonomic ars. L051, 11. Profit on sale of German ships 15. Loss and reimbursement. ..... 451,955,200 allotted to Belgium by Spa ) 3 Convention | J. sini GG LE 10,000,000 16. Proposed increase of salaries 12. Miscellaneous reimbursement. . 61,636,000 and pensions .......e000. 210,000,000 C. — Compensation Revenue : A. es 13. Levy on the departmental ) budgets as their contribu- Total ordinary expenditure.... 4,246,621,057 tion to the Public debt... 217,301,044 14. Reimbursement by Germany : of cost of Belgian army of Note : Of the amount 1,615,672,300, set aside occupation’ LLnL URE 102,600,000 for administration expenses, 169,137,505, Total ordinary revenue.... 4,268.007,488 is regarded as extraordinary. 1. Supplementary credits which possibly total more than the total budgetary estimate, are not included in these figures. 2. To the total expenditure and thus to the deficit should be added supplementary credits totaling 8,020,494.797 francs. ae OR II. — Extraordinary Budget Extraordinary Revenue : Extraordinary Expenditure : 1. Ministry of Justice ........... 740,000 Bank credits and other revenue. . 109,721,500 1. » Foreign Affairs ... 300,000 3. 2? Interior & Hygiene 6,000,000 4. » Arts and Sciences. . 23,235,000 3. n Agriculture ....... 725,000 6. » Public Works ..... 249,949,100 7. n National Defense . . 148,055,000 8. n Finance .....v.... 192,414,559 © 621,418,650 III. — Recoverable Budget Reparation Revenue : Expenditure : 1. Expected deliveries in kind and X Ministry of Justice & "Hygiene 51643 cash payments from Ger- 3. > a TI 517951500 many... eh noo oun 5 ” Nacional ty ra 2. Miscellaneous receipts ....... 220,707,630 > » Finance | Alain’ 5 PR 8. Departments of Navy, Posts and Telegraphs .......... 195,488,400 976,707,630 976,707,630 IV. — Budgets for Navy, Post and Telegraph Departments Revenue Expenditure 1. Navy Department .......... 25,295,000 1. Navy Department .......... 48,766,676 2. Postal Department ...... 4 181,709,500 o oye Department rt a 35563005 3. Telegraph Department .... 133,000,000 s. increase of salaries and pensions 40,000,000 © 340,004,500 365,222,306 Recapitulation of the Budgets for 1925 : Revenue Expenditure Balance I. Ordinary Budget ....... 5 4,268,007,488 4,246,621,057 + 21,386,430 II. Extraordinary Budget .... 109,721,500 621,418,659 — 511,697,159 III. Recoverable Budget ...... 976,707,630 976,707,630 IV. Budget for Navy, Post and Telegraph Departments 340,004,500 365,222,306 — 25,217,806 5,694,441,118 6,209,969,652 — 515,528,534 Constructions ....... 3.284,000 260,290,850 — 257,006,500 5,697,725,118 6,470,260,502 — 772,535,384 Reference : Budgets des Receltes ef des Dépenses du Royaume de Belgique pour I'Exer- cice 1925. Bruxelles, Hayez, 1924. B. — Import and Export Statistics An economic union between Belgium and Luxemburg came into force in May, 1922. The figures as given below for 1922, therefore, cover only a period of eight months. The statistics for 1924 are provisional. Year Imports Exports Deficit (in Belgian francs) 1922... 6,482,487,000 1,400,544,000 2,081,943,000 1923, -13,204,780,000 9,725,054,000 3,479,726,000 1924.10 head 17,581,108,000 13.932,504.000 3,648.604,000 Reference : Annuaire Statistique de la Belgique, 1923-1924. — BULGARIA A - Budgetary Situation Year Revenue Expenditure Balance (in leva) 1922/23. 5... . 4,345,740,000 4,646,163,413 — 300,423,418 1923/24..." 5,000,000,000 5,424,229,665 — 424,229,665 1924/23. 00 6,604,250,000 6,604,931,002 — 681,002 1925/26. . 5% dso. . «= 6,57 5,000,000 6,875,000,000 The law of April 25, 1922 provides for the fiscal years 1922-23 to 1925-26 an extraordinary expenditure amounting to 2,680,820,000 leva which is to be covered by the revenue from the national 6 % 9% loan of 1921 and eventually by the revenue from other loans, by the surplus of ordinary bud- gets, by the exchange of banknotes, by the coinage of small change and the like. The extraordinary credits, established primarily for covering public utility expenses, and in particular for the restoration and development of railways and ports, may be spent in the course of each year only in so far as they are covered by corresponding revenues. The revenue and expenditure actually effected according to the ordinary closed budgets are as follows : Year Revenue Expenditure Balance (in leva) 1921/22... lacie 2. 844,237,000 2,660,176,000 + 184,061,000 1922/23... 4,421,976,000 4,177,049,000 + 244,927,000 1923/24... ToS 361,737,000 5,146,208,000 + 215,529,000 An itemized statement of the budget for the fiscal year 1925-26 is given below. Revenue Expenditure = T.0Government Li... ea 56,235,980 1. Direct taxes ................ 890,000,000 2 Pe dept an 3,387,055,751 ‘ slCourt of’ Accounts. ..-...... 22,996,750 2. Indirect taxes, customs..... 2,970,000,000 4 Ministry of Foreign Affairs 84,035,368 3. Taxes and divers dues..... 630,000,000 Ministry of Cults (Church) 37,911,500 . : 5. Ministry of the Interior : 4. Fines and confiscations .... 70,000,000 ¢) Administration and Police 201,248,000 s. Railways .................. 1,080,000,000 G0) ‘Public’ Health... «0 176,233,080 1 6. Ministry of Public Instruction 680,185,600 6. Postal, telegraph and tele- 7. Ministry of Finance........ 229,718,080 phone services .......... 250,000,000 8. Ministry of Justice ....... 142,454,520 ; 5 A 9. Ministry of War........... 1,232,069,480 7. Public domain, capital, and 10. Ministry of Commerce, In- state enterprises ........ 335,000,000 dustry, med Lobos St 245,208 740 8. Contributions from depart- A I bi paren sli 239,538,450 ments and communes for a) Roads and municipal works 282,246,010 b) Prestation of Ilabor...... 162,832,360 payment of teachers..... 420,000,000 ,, Ministry of Communications 869,033,640 9. Other revenue ............ 170,000,000 14. Ministry of Posts, Telegraphs A Dudes: and Telephones ......... 194,060,790 10. Revenue from closed budgets AVION | ie inne apis ete 25,249,320 of preceding years ...... 60,000,000 15. Expenses arising from Treaty of (Peace: Haiti 46,760,000 16. For professional instruction 30,000,000 17. Increase of functionaries’ salaries! eich dill it, 330,039,421 18. Aid to functionaries dismissed by reason of restriction of OTT ee le Falla a olla he te he fmt 40,000,000 19. For payment of old debts... 70,000,000 20. To cover expenditures of extraordinary budget for 2. p. 1925-26 Re reat 100,000,000 Grand total.......... 6,875,000,000 Grand total.......... 6,875,000,000 References : Budget of the Bulgarian State for the year 1925-26, published in the Official Journal (in Bulgarian) of April 30, 1925, and also issued separately by the Ministry of Finance : Bulletin de la Banque Nationale de Bulgarie. B. — Import and Export Stafistics = Biblin‘" pi Year Imports Exports Balance (in leva) 1922................ 4037662000 4326718000 292)036,006 1923... 4 .. 5,120,660,000 3,537,134,000 1,98%7526,000 1924... ..... 0 5557311000 4902226000 655,085,000 1925 (Ist 4 months)... 2,315,497,000 1,763,833,000 551,664,000 Reference : Bulletins Mensuels de la Direction Générale de Statistique du Royaume de Bulgarie. CZECHOSLOVAKIA A. — Budgetary Situation Year Revenue Expenditure Balance (in Czechoslovak crowns) 1922 ee aT 20,269,774,000 20,495,802,000 — 226,028,000 1923 (budget)... ... 18,812,391,000 19,371,031,000 — 558,640,000 1924 (budget)...... 16,39] ,294,000 16,993,977,000 — 602,683,000 1925 (budget). . .... 15,701.917.000 15,974,169.000 — 272.252.000 Expenditure and revenue in the Czechoslovak budget for 1925 are for the first time classified in two groups, one including the administrative or unpro- ductive departments of the Government, the other the productive departments— that is the enterprises operated by the State, such as railways, posts and tele- graphs, tobacco monopoly, state forests, state mines, etc. The object of this grouping is to facilitate the application of a law passed in 1922 for the so-called commercialization of state enterprises, the prime object of which is to put all the state enterprises on a self-supporting basis, necessitating, of course, the segregation of the accounts of these enterprises from the general state accounts. In the estimates for 1925 the “administrative” or “unproductive” expenditure amounts to 9,57] ,000,000 crowns, while the “productive” expen- diture amounts to 6,403,000,000 crowns. The “administrative” revenue (from customs duties, taxes, etc.) amounts to 7 ,274,000,000 crowns, while the “pro- ductive” revenue amounts to 8,128,000,000 crowns. These estimates indicate that the productive government enterprises as a whole will produce a net profit mm 1925 of 1,726,000,000 crowns, while the administrative departments will stand the Government a net loss of 1,998,000,000 crowns, leaving a net deficit for the year in the combined accounts of 272,000,000 crowns. The budget for 1925, in thousands of Czechoslovak crowns, follows. Revenue : Expenditure : Administrative Productive Total Administrative Productive Total President of the Republic................... — — — CR a TA 3,000 — 3,000 Chancery of President...................... 1,942 = 1,942 7 — 12,510 —_ 12,510 National Assembly ..........coveeeivnene... 204 — 204 : 38,213 —_ 38,213 Supreme Administrative Court ............... 54 —_ 54 - 1 4,833 re 4,833 General Accounting Office .................. — - 4,620 en 4,620 Appropriations for local Governments. ........ — = : 794,872 _ 794,872 National debt vo torr ros vases sens cv iinivons —_ —- : . 2,096,547 — 2,096,547 TE rae pe ERIE Sod a 94,017 5 94,017 3 613,102 == 613,102 Presidency of the Ministerial Councils. oon s 46,976 33,800 80,776 57,442 31,910 89,352 Ministry of Foreign Affairs ................ 25,150 — 25,150 ] 141,579 — 141,579 ® National Defense .............. 32,644 24,836 57,480 . 1,815,436 22,582 1,838,018 o3 " IRICRIOr Be coins imine svi ew heain 8,384 —_ 8,384 . 591,172 -— 591,172 | 2 Education —o crevasse 13,721 2,500 16,221 v5 756,263 2,491 758,754 = Fiance oor tesa 037 53 1,924,373 9,094,126 = 744,797 813.765 1,558,562 (COMIBTCE: roe viv vino saber ee 49,396 —_ 49,396 ry ; 42,287 —- 42,287 > Posts. 50 ini i ee 110 1,037,759 1,037,869 : 13,148 796,148 809,296 ” RailWays sen sis sims sas vretes 807 4,169,137 4,169,944 nea 44,092 3,977,605 4,021,697 " Agricaliure oc . e 23,452 536,129 559,581 ATYTT TEE 209,794 401,390 611,184 » Justice nets: vinta sinning stare we 15,583 = 15,583 ra Erte mrs 284,258 — 284,258 » Public. Werks o.7- oo rvs 41,795 394,888 436,683 ming. 315,826 352.947 668,773 3 Social Welfare .....coov eevee 9,943 a 9,943 tA 794,142 Ss 794,142 2 Food Supply... -% ccc 15,251 —_ 15,251 enh 15,449 — 15,449 > Public Health .... voce none 24.946 4,367 29.313 Pe + 126,402 3,708 130,110 " EINilCATION: «sivas oe vr tila — pe - ee 1,839 — 1,839 Repatriation of Czechoslovak citizens ......... —_ — — ) 50,000 — 50.000 Crand total. cvvev.-- - 7.574,128 8,127,789 15,701,917 Chaat. JR0.57 1,023 6,402,546 15,974,169 — F — B. — Import and Export Statistics Year Imports Exports Balance (in Czechoslovak crowns) 1922... .....00.0 12,695,515,70] 18,086,348,590 + 5,390,832,889 1923... ...o i210, 222.987 819 12,573,315304 + 2,351,027,485 1924.....:. 00s. 15,862,297.629 17,022,251,035 + 1,159,953,406 1925 (Ist 5 months).. 6,504,639,033 7,533,490,716 + 1,028,851,683 Reference : Ministry of Finance, State Statistical Office, Prague. DENMARK - Budgetary Situation Year Revenue Expenditure Balance a (in Danish crowns) 1922... + .. 469,279,375 529,556,959 — 60,277,584 1923...: 434,345,061 481,288,361 — 46,943,300 1924... % 459,269,442 511,166,334 — 51,896,892 1925.1... 0... on .N445.833 292 448,680,811 — 2,847,519 The budget for 1925-1926, as adopted by the Parliament and confirmed by the King on April 1, 1925, follows. Revenue Expenditure I. — Ordinary Revenue : I. — Ordinary Expenditure : 1. Returns from administration of I. State payment to the King.. 1,000,000 state domain ............ — 1,091,323 2. Yearly contribution to the 2. Negative returns from state Royal House . Sprain veka le 222,000 enterprises .............. — 19,215,406 3. The Parliament (Rigsdag).... 2,576,345 3. Negative balance on interest 4. Ministry of State ...... Luin we 548,613 8CCoURL ..i. a ican oy == X,700,630 3 n Foreign Affairs. . . 6,754,942 4. Surplus of school funds and 5. > Agriculture ...... 12,975,495 other funds .... oil didi, 618,567 1s z Interior dn rae io 74,030,616 5. Taxation of real estate........ 11,336,000 3. ” Social Works ... 56,905,407 6. Income and capital taxes...... 133,000.000 9. , Public Works .., 9,149,516 7. Transaction taxes (documentary 10. Industry, Commerce stamps, etc.) ............. 26,000,000 and Navigation. 5,303,247 8. Consumption taxes (customs II. in Justice ....h Lo 18,938,540 duties, taxes on liquor, 12. 2 CUS ey vn 4,135,882 sugar, tobacco, cards, candy, 13. n Public Instruction 68,051,244 restaurants and theatres) .. 203,950,000 14. War (Defense) .. 40,600,801 9. Registration dues, etc. ...... 15,055,202 1S. ” Navy... 000 24,564,515 ro. Profit from lotteries.......... 2,524,26> 16. 3 Finance ......... 25508371 11. Miscellaneous receipts ....... 3,208,943 17. Greenland tia0i0 x Simkin dein eran 64,995 ) hin 18. Bureau of Pensions ..... : 13.812,603 Total... oo. ih 375,715,600 — II — Revenue from National Total, Jal oi 365,323,312 Capital Account : : II. — Expenditure on National I. Regt estate and state enterprises 19,025,692 Capital Account : py Noa npuos Bf oustanding Yshis iene I. Service of state debt......., 32,661,200 4. Sale of stocks, and obligations 3,112,000 3: fey sition bn f assets in connec- 5. Inheritance tax ... .. .. «+s... 10,000,000 lon with real estate and 6. Revenue in virtue of act on : Conve interprises .......... 35,474,243 stabilization of Cttrelics 3. onstruction of private rail- (Des: 120, 920). 30 0 0 Bv0.000 Totes aad Biieotaiys tases TY 7. Payments substituting former 4 I 2 2 Rs any 1067,953 land dues, etc, 3 5. Increase of stocks and work- send LY 1,875,000 ing ceapital “oa. CLG 1,179,103 Total TT 6. Increase of public domain fund 1.875,000 Erna ls ,833,29 — —— Lo Lael on hand April 1, Total.............. " 448,680,871 To ftttrtrtsses...... 30,000,000 Cash on hand March 31, 1926... 27,152,481 Grand total... 475.833.292 Grand ‘total.’ .. 0.0. 475,833,292 Fi Raferencs : Danish Ministry of Finance, and Lovtidende A. — Nr. 10. Nr. 75. Phonon od Fnansssst is }- April 1925 til 31 Marts 1926." (Act for the fiscal year s -Marc 4 , CQ B. — Import and Export Statistics Year Imports Exports Balance (in Danish crowns) 1922.5. nL 04,552,900,000 1,283,200,000 — 269,700,000 1923........... 2,030,500,000 1,684,800,000 — 345,700,000 1924. ...000 0. 2,364,800,000 2,154,500,000 — 210,300,000 1925 (Ist 5 months) ~~ 921,000,000 863,000,000 — 58,000.000 Reference : Official Danish Commercial Statistics. ESTHONIA A. — Budgetary Situation Year Revenue Expenditure Balance (in Esthonian marks) 1922, ant. e6.518,100,000 5517,200,000 + 1,300,900,000 1923. au a liu 7.131,900,000 6,794,000,000 + 337,900,000 1924 (revised estimate; 7,218,800,000 7.235,500,000 — 16,700,000 1925 (budget). ....... 7,427,000,000 7,424,000,000 + 3,000,000 It is estimated that, when the closed accounts for 1924 are available, there will be a surplus of some 300 million Esthonian marks. An itemized statement of the 1925 budget follows : Revenue : I. — Ordinary Revenue : ~ Rates, taxes, and stamp duty .........coeiereeeeenns 1,053,361,000 Customs BIQUEEXCIS8, 41's - a viuivisinloteialololsllaie siain s »ialitie » 1,790,055,000 Monopoly. of ‘spirits. + .. leis siualrioitieiialeio r= + vo 1,014,400,000 Site capital’) Aelia s sikisit 3 nisin s'wisinloipiafomern s ia ols 3 clogs 85,200,000 Land, buildings, forests, etc. .......ccocernrerecnens 1,053,852,000 RATIWAYE | nie sla let 9 lals ds aisles miuilollaisle s's's.s » 2 sic'aielew's 1,217,000,000 Ports and warehouses. ul shibileloflelafelsiatr o sie eva aviv 2 102,000,000 Postal, telegraph and telephone SETVACES «ev ms + iv als 4 lew: he 390,000,000 Various. State enteTPIISEs.ists. us. isiaisilalois iu/e's x v= oie wisixis's 223,957,000 Siote PIODETLY it: ieialsin slx'ols inal winale citlelisioinia ls = eis as wisn ze 45,247,000 i Miscellancous' ‘revenue yi iols a clitioniniicis tin aisle visions 328,000,000 I) Repayment of revenue of precedent years............ 25,000,000 TOO tala feels nei (ew 3 ai eo 7,328,072,000 11. — Exiraordinary Revenue : Sale of State property, profit on commercial agency of State, alc, Haniatsisruistets AA ST ARR ver Hh 148,958,100 Grand 10Tal Innit mia ents sts 7.,477,030,100 10 Eas Expenditure : Ordinary Extraordinary Parliament EL rrr 45,348,800 — President and State Chancellery ........ . .. 30,954,000 10.050,000 State Control Rol ule inra a's = + +» +x »eiaiie 34,556,000 Ministry of Finance ............... . 610,872,600 121,539,900 ” Commerce and Industry ...... 14,823,300 43,195,500 2 Educationtt............ . Adi 592,493,600 7,883,000 M Justice Bellas ei vivinn so vin sien 236,898,000 5,000,000 i Interior Beleietuls icy iy LL 357,645,400 i Defence... ........ . + ve ninea] 383 444.000 308,746,800 v7 Agricalure ........... == Al 318,974,800 62,800,000 n Roads and Communications. . . .. 1,635,870,500 306,086,300 h Foreign Affairs ....... "0... 112,765,000 . = Labor and Public Welfare or 349,690,700 86,593,000 National debt Sse ete sir aie « «so JE 292,576,100 87,294,700 General expenses ............. = i 70,000,000 — Operation funds te ei a aha a as h 298,500,000 Total................ .. 6086913400 1337.689.700 Grand total, ..... L.t. 7,424,602,600 References : League of Nations Document N° C.240. M. 92. 1925. “LiF. 227. Report of the Financial Commitiee of the League of Nations on the Economic and Finan- cial Situation of Esthonia; the Board of Trade Journal, May 7, 1925, pp. 505-6. B. — Import and Export Statistics Year Imports Exports Balance : (in Esthonian marks) : 19221... con -.. 5,589,420,000 4,835,580,000 — 753,840,000 19235. .; -. 9,332,280,000 5,711,952,000 — 3,620,328,000 1924... ...... 8,204,208,000 7,865,784,000 — 338,424,000 1925 (1st 4 months). . 3.006,554,000 2,679,708.000 — 327.846,000 Reference : Recueil Mensuel du Bureau Central Statistique de I'Esthonie (June 1925); Données principales concernant la vie économique ef sociale de I'Esthonie, 1924-1925. FINLAND The Finnish fiscal year coincides with the calendar year. The budget is balanced without recourse to loans. A. — Budgetary Situation Year Revenue Expenditure = (in Finnish marks) 1922.0 LE sa 2,176,658,795 2,176,658,795 v5 TE 2,633,555,140 2,633,555,140 1924.0 Sidi ii os 2,936,183,800 2,936,183,800 1925. uname at sas 3.756.642.650 3,756.642.650 The budget for 1925 follows : I. — Ordinary Budget Revenue Expenditure I. — Land and other state ; = property : T-0President iLL LL LDL 1,771,000 1. Public! domain’... 0, LL WEL 22,511,000 2. President’s chancellery ..... 250,000 2. Fisheries, rent of state pro- te perties, canals .......... 17,250,000 3. Congress (Riksdag), State 5 Fo SESE LE auditors & Solicitor General 8,138,000 Thor e y 728,000 4 Government departments .... 23,434,300 6. Industrial enterprises (includ- 5. Library of Parliament, official ing revenue from alcohol SAL works, sulphuric acid and publications, etc. ....... 8,687,100 superphosphate works, and 6. Ministry of Foreign Affairs. . 26,052,800 margarine factory) ...... 97,150,000 h ACERT TAT TL i Justice =. ; 86,064,500 : 1,089,739,000 8. » Interior 180,764,100 II. — Direct Taxes : ”. Finance Sosa Reo 7. Income and property taxes.. 400,000,000 a 8. Tax on legscies End Sis, 10. ” Defence 390,393,600 on interest an ividends, : dues from foreigners, etc. 4,150,000 RL: " Public Instruc- —_— BION Ee en altel ruta (ah 363,656,600 IIL. ~ Indirett. Teves: 404,150,000 1, Ministry of Agriculture .... 285,075,600 9. Import and export duties.... 1,065,100,000 13. Ministry of Transportation, 10. Dues on tobacco and matches 174,000,000 Public. Works’ | dive isis oi 801,794,000 1,239,100,000 14. Ministry of Commerce and IV. — Miscellaneous taxes : InAUSEEY le ert wiley 55,192,100 11. Office and registration fees, 15. Ministry of Social Works. ... 77,692,100 stamp dues, fines, etc. .... 158,210,000 . - V. — State Institutions : 16. Miscellaneous ordinary ex- 12. Postal service ©... a Le 83,500,000 penditure ............... 66,960,000 = Torok HE SU a 17. Pensions and ordinary sub- 15. Public hospitals A 12,000,000 ventions ................ 62,202,000 16. Pupils’ fees in schools and 15. National debt. ........ ...00 246,003,200 various minor fees ........ 4,531,000 ro. Estimated surplus on ordinary : : 142,531,000 budget et LL 396,384,850 VI. — Miscellaneous recespts. . 97,209,650 a, Tolall .. 3,130,939,650 Total... hh 3. 130,930,050 II. — Extraordinary Budget 1. Sale of state property, etc... 500,000 Expenditures of government In- 2 ig surplus on ordinary rm stitutions subject to the Chan- 3. Grant from cash balance.... 228,818,150 celery and to the various BT ministries ...- Le 625,703,000 625,702 noo _ Grand total........ 3,756.642,650 Grand total........ 3,756,642,650 Reference : Redogorelse for Kalkylerna till Statens inkomst— och utgiftsstat for 1925; Finlands Forfattningssamling 1925, N. 017. B. — Import and Export Statistics Year Imports Exports Balance (in Finnish marks) 1022. CL ees 3 060 851.334 4,467,618,515 + 497,767,181 1023. 0 Laie S4.1600,301 816 4,392,494,427 — 207,807,389 1004. a Eee aed 713,350,480 4,965,621,735 4-252.271,246 1925 (Ist 5 months)... 1,847,411,965 1,408,142,787 — 439.269,178 The foreign trade balance for the first five months of 1925 gives no indication of the probable final results of the year, for Finland derives the - 1 — greater part of its export values from timber, and the timber shipping season begins usually about the middle of the summer. The committee appointed to investigate the possibilities of a return to the gold standard states in its report submitted in April 1925 that the so-called visible income and expenditures of F inland (such as income of the Finnish merchant marine, expenses for the carriage of Finland's foreign trade by foreign vessels, remittances of Immigrants, smuggling, interest to foreign countries for national debts, etc.) result annually in an unfavorable balance of approximately 1,000,000,000 Finnish marks (present rate) and that therefore the foreign trade statistics should show a favorable balance of at least a corresponding amount to make the national foreign income and expenditures balance. FRANCE A. Budgetary Situation The French general budget for the fiscal year 1925, was adopted July 13, 1925. The revenue is divided into three general headings: revenue realizable in France, revenue realizable mn Algeria, and Reparations. The expenditure is distinguished between ordinary, extraordinary, and non-permanent expen- diture, the latter being connected with the Reparation account. The budgetary totals for the years 1922 to 1925 stand as follows: Year Revenue Expenditure Balance (in francs) b 1922... 24,200,000,000 48,900,000,000 — 24,700,000,000 1923... 8 27,700,000,000 45,800,000,000 — 18,100,000,000 1924..... 31,100,000,000 40,200,000,000 — 9,100,000,000 2S et rs grr 33.150.844.678 33,137,180,618 4 13,664,060 The total revenue for 1922 to 1924 (inclusive) amounted to 83,000,000,000 francs as against an expenditure of 134,900,000,000. The deficit for each succeeding year, however, diminished, partly due to the increased revenue, partly to the cutting down of the expenditure. The budget for the fiscal year 1925 shows a surplus of 13,664,060 francs. A detailed statement of the budget for 1925 follows : Revenue Expenditure L 5 ens Jin France : Ministry of Finance : I. {Direct taves (L000. 1. -+. 6,171,640,000 E. National debt... 00... 18,573,589,682 %: Sgisy uss eel Siioise000 2, Government (President and 4 Tax ton exchange . iriosas, 14350, Parliament) AA RE 44,526,710 tions a rene ThE oe 166,000,000 3. Ministry Prrreeeaseeaaaa.. 2,018,481,530 Se Teton transferable securi- 3,849,500, 000 4. Collection and administra- 6. Luxury en , ooe00 tion of public revenue... 1,280,426,524 7. Tax on business turnover 4,439,000.000 5. Reimbursement and loss... .. 298,173,000 >: Fogtont Suries tre ais ele Essar 6. Expenditure in connection ¥0. Tax on sugar a I 2 “he : 7452, 500.000 with reparations ...... 15,349,650 Total......h inn 25,381002 000 al yh ry 22,230,547,105 12 Tot Revenue Expenditure : . Ministry? of "Justice. ........ LL I 564,18 b) Monopolies and state en- : Poeeien Affairs ... RE : the Interior ...... ,062,78 terpriSes ................ 2,639,560,584 Ministry of War ; 341,962,789 v : 1. Nationa my .........-.882,352,004,53 ¢) Public domain ........... 374,500,000 2 Colonial troops SEE Ce RE ” . Construction and new equip- d) Receipts by order......... 1,556,167,774 ent aT Re TR RN 182,990,300 3UIMOTOCEO | se ol etels siialaliniisiakatateole 339,824,82 ¢) Other revenue ............ 307,479,320 5. Alsace Lorraine Sra 3 SL . : . Exceptional expenditure re- f) Exceptional resources (tax oii from Portilities Pe 104,578,222 on war profits, liquidation z Jone (in oe a Basin. . 21,000,000 Army in the East......... 173,341,322 of stocks, levy on fiscal o. Expenditure in connection as ’ value of revenue and ex- with reparations ......... 27,381,110 penditure for 1925)...... 1,605,000,000 Total... hens s I 3,160,049,579 II. — Revenue in Algeria .... 11,545,000 Ministry of the Marine........ 1,251,973,465 1 Io pote Instruction : an AE ATE. oe onal ies leer n BBY 735,098,076 111. — Reparations ............ 1,275,500,000 Ministry of Commerce & Industry Pe Ministry of Labor, Hygiene, As- sistance and Social Prevision 641,391,780 Ministry of Colonies........... 254,113,084 2 Agriculture itr, 227,682,420 » Public Works ..... 1,903,290,568 » Liberated Regions .. 533,187,645 un _ 2 Pensions ......... 241,040.240 Grand total.......... 33,150,844,678 Grand total. .h..........33,137,130,618 Reference : Journal Officiel, July 14, 1925, p. 6566. B. — Import and Export Statistics Year Imports Exports Balance (in francs) 1922. ............. 23930328000 21,378943,000 — 2,551,385,000 19230 ate is 32,608,012,000 30,431,510,000 — 2,176,502,000 OT a 40,132,000,000 41,454,000,000 + 1,322,000,000 1925 (Ist 6 months) 18,836,523,000 21,624,385.000 + 2,787.862,000 Reference : Le Temps, July 23, 1925. GERMANY A. — Budgetary Situation The German budgetary year runs from April 1 to March 31. The revenue and expenditure are assigned to the year for which they have been authorized by the budget, irrespective of the time when they are effected. In case the Reichstag does not pass the estimates before the beginning of the fiscal year, special authorizations are provided for the intervening period. The estimates for the fiscal year 1925 are divided into two separate budgets: 1) General Administration of the State and 2) War Charges. Below are given the budgetary figures for the years 1924-25 and 1925- 1926. The figures for the preceding years are not given because the abnor- mal state of the currency during those years renders them of no value for purposes of comparison. 1. The details of the final budget, when available, will be reproduced in a forthcoming number of the European Economic and Political Survey, issued by the Reference Service on International Affairs. Year Revenue Expenditure Balance (in Reichsmarks) 1924/25... .. 0.00 6,359,750,871 6,707,828,098 — 348,071,227 1925/26 (project)..... 6,928,912,888 7,183,858,945 — 254,946,057 The details of the budget project for 1925-26 follow : Revenue Expenditure : = I. — General Administration of I. — General Administration of the Reich : the Reich : % 4 am pedsirpien 3 ls y. Git President of the Reich......... 361,950 x. Administration ’ Relchstagto.. =r Ll eon dais 5.675.630 President of the Reich......... 4,500 Ministry and Chancellery of the Refchatag 0 LVL sn He 15,000 Reichl. LL a ea 533,574 Ministry and Chancellery of the Foreign Office... 0 1 Lite 20,010,000 Reh! i ei at ne rateiars ns 4,230 Ministry of the Interior ....... 125,057,809 Foreign Office ...... nly 16,174,200 Ministry for the Occupied Ter- Ministry of the Interior,....... 1,713,965 Borys. a 7,729,630 Ministry for the Occupied Ter- Ministry of Economic Affairs... 10,941,000 FHOLY es oss uisnininine bins wane 306,170 Economic Council bike ls ace wide in 649,280 Ministry of Economic Affairs 816,061 Ministry of Labor ......... 324,940,357 Economic Council |........ ..0. 42,309 » Reichswehr ....... 561,787,680 Ministry of Fabor!. ov. cel 1,004,244 » Justice. Co eo 8,380,720 n Reichswebr ....... 7,242,450 » Public Welfare and n Justice: L000 11,221,302 Aurdeulture LLL en TE 4,895,670 » Public Welfare and Ministry of Commerce. ......... 184,596,860 Agriculture ..... 207,959 General pension fund ......... 1,202,220,776 h ‘Commerce _........ 24,901,700 Court of Accounts ............ 2,000,814 General pension fund .......... 10,7760National’idebt ..... 1 TT 154,838,535 Court of Accounts’ ..........0 10,806 Ministry of Finance ........ na 398,546,940 Nationalidebt .................. 13,461,000 Ministry of Finance ........... 50,171,935 3,013,176,315 —_— 2. Financial Administration : ! 1 — . 127,398,598 a) Ordinary expenditure : 2. Financial Administration : Expenditure in connection with a) Ordinary revenue : tax laws... . Lo, 18,201,000 Taxes on property | permanent 4,104,000,000 Assignments .......... ...+.... 1,857,610,250 and commerce | temporary 36,000,000 Expenditure connected with reve- Custom duties and consumption nue from monopoly of spirits. . 600,000 taxes ....................... 1,099,700,000 Banking and monetary system. . 8,474,668 National office for the monopoly Other expenditure JE elev a 362,186,000 of spidts’ 0 Ul TE 600,000 For professional instruction .... 145.833.333 Banking and monetary system 8,474,668 To cover ordinary expenditure oc- Professional instruction ......... 145,833,333 casioned by war ............ * 161,760,690 Other ‘revenue ........ .. 0% W% 30,000 6) Temporary expenditure ... 26,800,000 Ministry -of Posts... Li 000 1,875,600 ¢) Extraordinary expenditure #* 188.833,333 b) Extraordinary revenue .... 145,833,333 ~ al In W eh 2,770,299,274 5,542,346,934 - — War charges : 3 1. Ordinary expenditure : I. War charges : Ministry of the Interior........ 10,220,000 1. Ordinary : n Labor. in se 5,300 General financial administration Commerce ........ 13,502,500 from sources of the ordinary y Reichswehr . oath 7,680,950 bOdgetl i ee 161,760,690 General financial administration .. 130,839,940 Various revenue... li 490,000 2. Extraordinary expenditure : ; Professional instruction ......... 1,095,416,666 2. Extraordinary : Reparations, “Stsssspe” "°° 142,718,000 Professional instruction ........ . 1,005,416,666 RNAI Various ‘revenue... 7... 511 1,500,000 1,400,383,356 —_— Grand total. .....-"". 7,183,858,045 1,259,167,356 : —_— #* Includes the payment of 145,833,333 Reichs- Grand “fotal.......... 6,028,012,888 marks under the Dawes plan. Reference : Reichshaushalisplan Entwurf fiir das Rechnungsjahr 1925 nebst anlagen. 2 volumes. B. — Import and Export Statistics Year Imports Exports Balance (in Reichsmarks) 1923............... 6161200000 6,116,400,000 — 44,800,000 ¥924:. 0a oak. 9,317,300,000 6,568,200,000 — 2,749,100,000 1925 (Ist 5 months). . 5,764.798,000 3.444,585,000 — 2,320,213,000 Reliable statistics can not be given for the year 1922 on account of the then prevailing inflation. In considering the figures for 1923 and 1924 it must be noted that it has not been possible to keep an exact account of the imports and exports of the occupied territories owing to the special system of administration. Not until November, 1924, were figures from these territories included, and in that month they were only partially complete. The reported figures for exports do not include deliveries in kind on reparation account, the value of which for the past eight months has been about 35 million reichsmarks a month. References : Statistisches Jahrbuch fiir das Deutsche Reich, 1924; Report of the Agent General for Reparation Payments, May 30, 1925, Annex 2520 a; German Trade Reporis and Opportunities, published by the American Chamber of Commerce in Berlin; Politischer Almanach, 1925. GREECE A. — Budgetary Situation Year Revenue Expenditure Balance . (in drachmas) 1922/23..." 1,588,500,000 4,862,600,000 — 3,274,100,000 1923/24. .... . 3,622,600,000 6,560,000,000 — 2,937,400,000 1924/25...... 3,958,580,698 4,475,298,207 — 11$516,712.509 1925/26... 7.020,000,000 7.020,000,000 The details of the budget for 1925-26 are not yet available *. The budget for 1924-25 was as follows : Revenue Expenditure Ordinary revenue : = Ordinary expenditure : Public CDE eles viley in mya Ee wii 1,005,827,018 Direct taXes ......sscecsseecen 822,538,000 LE Spl 224.371,047 lt os i LE poner noo REE apathe a noua sien ines Stamp QUES ..esevorrennns 222,897,000 Public instruction ............. 103,228,509 i Monopolies «....unieeeneion 96,299,304 Monopolies .......cceeeneenees 240,000,000 Posts, telegraphs, and telephones 102,320,800 Public domain ........c.ocenens 95,606,050 py aod Tia Gar ie ein ainnlaine 727,045,789 Posts, telegraphs, and telephones 129,289,000 RE @AUMITISIBHONE - oon nA $45.431, 828 Reimbursements «....e..e-ecees 10,164,300 : Total. . 0 laideletcte 2,906,075,373 Miscellaneous revenue .......... 211,582,768 Dey pie 0500 Other state enterprises ......... 14,772,500 Posts, telegraphs, and telephones 35.038.655 SIT EO er IR - —- Army and Navy .............. 518,910,000 oe, Arent LLG Extraordinary revenue .....-. 499,823,750 Other expenditure ......... 198,562,000 _ _ Total... 1,569,222,834 Grand | total...\...... 0. 3,958,580,608 Grand | total... ..... '4,475,298,207 References : Banque d'Athénes, Bulletin économique el financier, 1924 and 1925, passim : The Economist, July 11, 1925, p. 64; Almanach de Gotha, 1925; Moniteur des Intéréts matériels, February 27, 1925, p. 934. B. — Import and Export Statistics Year Imports Exports Balance (in drachmas) 1922.5... 3 3,169,761,920 2,489,119,321 — 680,642,599 1923... 0 een 6,035,345,777 2,545,110,111 — 3,490,235,666 1924. LT 8,031,927,886 3,337,227,470 — 4,694,700.416 1. The details of the budget, when published, will be given in a forthcoming number of the European Economic and Political Survey, issued by the Reference Service on Inter- national Affairs. ra — 7 HUNGARY A. — Budgetary Situation The fiscal year in Hungary runs from July 1 to June 30. In the table below the budgetary results for the years 1922-23 to 1924-25 are omitted because, on the one hand, no final accounts for these years have yet been pub- lished, and, on the other, because of the rapid depreciation of the currency, the budgetary figures represented very different values from one year to another. It would therefore be inaccurate to compare them. The figures of the budget for the year 1924-25 show a deficit of 1,698,818,500,000 paper crowns, which is the equivalent of about | 00,000,000 gold crowns. It is believed however that, due to the increased revenue returns, the final accounting will show a surplus of about 50,000,000 gold crowns rather than the anticipated deficit. The budgetary estimates for 1925-26 show a surplus of 400,159,- 625,000 paper crowns. Year Revenue Expenditure Balance ~ ’ (in thousand Paper crowns) a 924/25.......... 11163076010 12861894510 — 1.698.818.500 1925/26... 14064402174 13664242549 400,159,625 The preliminary figures included jn the budget for 1925-26 are given In detail : Revenue Expenditure Civil list and Chancellery of the Governor............... 1,489,375 20.969.580 National Assembly Aas ts vv + + sii .. 182,700 40,505,039 State debt terhay srs ssnen nr arre ren ys i v5 rT | 209,022,975 1,026,403,723 Obligations under the Peace Treaty......... co — 116,000,000 State Auditor's Office $00 % aidinin's ein tex 1 nun rie sd — 7,282,402 Chancery Court Errand rasa nan hele Ye be — 9,299,577 National Land Regulating Court ,......... 588 delat rn 9,468,865 Prime Minister's Office A1uie detain a wl ials bay a uh a tai SE 425,000 30,691,723 Ministry of Foreign" Affairs ........... 2 A elaine 38,422,500 97,964,166 » Interior SEER ven rivmn'in in rd SEN 21,115,950 1,128,054,980 i Finance fererraatacans ensues i EE 026.915 066 1,525,488,284 » Commerce 3win ¥ obeiedimiain nw inin’ sin min slniabe lee LT 55,540,990 274,350,132 2 Agriculture Said Winnie uivisinls ah na a 60,744,146 298,510,978 D Public Welfare sixielbialnin's so + vinta e L 312,705,200 638,904,660 ’ Cults and Public Instruction ............. 2h 135,263,766 1,217,864,993 i Justice xxahaseimpivsisieie viens srrrinrree 21,470,860 557,321,971 2 National Defence ...... PEN | Ee 4,321,020 1,343,378,850 Posts, telegraphs and telephones... .......... i CO 987,800,000 958,672,356 Postal Savings Bank Bat ea ciaie iin inininiain vv sls Tati . 82,928,800 80,503,840 State railways Strasse es saan rien sls os Snes Be AZ] 111 000 3,626,332,638 State iron hi re ERROR 464,584,330 497,288,635 State forests BES srs sais nae v ck vind in sai ; 25,383,380 33,374,881 State farms Seswen sas swank as ba 90,846,894 73,703,522 Silk culture Sense sesame ai aaah dae al w 21,930,222 21,007,624 Coal industry 22h fis weiniens rhe nara St sah rails 32.198.000 30,899.130 Grand total... .. 0." 14,064,402,174 13,664,242,549 Reference : 4 Magyar Allam Kiltségvetése, Budapest, 1925. 18 B. — Import and Export Statistics Year Imports Exports Balance (in gold crowns) 192260 as I539.000,000 330,000,000 — 209,000,000 1923. Li le 423,000,000 338,000,000 — 85,000,000 YO24 0 kl EE 703.000,000 575,000,000 — 128,000,000 1925 (1st 5 months)... 285,300,000 226,500,000 — 58,800,000 IRISH FREE STATE A. — Budgetary Situation The first budget of the Irish Free State was for the fiscal year 1 924-25. For that year the total revenue was £27,542,200, and the total expenditure £29.718,631, leaving a deficit of £2,176,431. The budget for the fiscal year 1925-26 is given below: Revenue (in pounds sterling) Expenditure A) Tax revenues : Service on debt : Gayoms | rrrnaesne stuns TACO dntererr, Luce. on oll | 38000 Estate, etc. duties ............... 850,000 Sinking # fund, letc.: i. ie 1,253,400 fromp dies oe oe Otter Cente] Fund svlies.... lo 205507 Super-tax .....i.oceiieiieneeneeen 500,000 Supply: services/iLnl. . i. Lh LLL 26,238,455 Corporation profits tax............. 250,000 i 3 Motor vehicle duties ............. 450,000 Capital issues .................... 356,700 Total. hia. oo 22,354:000 B) Non-tax revenues : Postal iiservice: ... iu ll RES, 1,242,410 Telegraph ‘service |... eka 261,700 Telephone service ........... a... 310,500 Special rate under the Damage to Property (Compensation) Act 1923 400,000 Instalment of British contribution towards compensation .......... 1,260,000 Miscellaneous: 0 LRG AECL. 1,211,500 C) Capital raised for special pur- poses. Linn al 356,700 nd am Total. Lith ia,686,710 Grand total.......... 30,486,680 Grand (total..l..... LJ. [27,506,810 Estimated deficit ................ 2,889,870 Reference : Based upon information furnished by Mr. Charles Hathaway, Jr., American Consul General, Dublin, Irish Free State. B. — Import and Export Statistics There are no figures covering the foreign trade of the Irish Free State prior to 1924. Imports during the calendar year 1 924 amounted to £65,811,406, and exports amounted to £49,752,313. For the first three months of 1925 imports totaled £15,551.920, and exports £9.548,047. ITALY A. — Budgetary Situation The Italian budget is established, not for the fiscal year, which runs from July 1 to June 30, but for the budget year. That is to say, the revenue and expenditure created and provided for in a certain budget are included in that budget irrespective of the time when they have been effected. There is but one Italian budget, and in it are included all the revenue and expenditure of the Government. Though separate budgets exist for the railways, forests, etc., their totals are all incorporated in the general budget. Year Revenue Expenditure Balance Gn lire) - 1922/1923. ......... 18,803,548,000 21,832,382,000 — 3,028,834,000 1923/1924.......... 20,581,334.000 20,999,763,000 — 418,429,000 1924/1925 (budget).. 19,939,605.260 19,887,291,540 + 52,313,720 1925/1926 (budget).. 18,944,265.157 18,819.774,045 + 124.491.112 The important details of the budget for 1925-1926 are given below: — Revenue Expenditure I Arr oT Sn Sen Taxes on transfer of capital. .... 2,905,130,000 » Justice", cL 00 L0G 405,170,332 Industrial monopolies” shades, I9T950.000 > Forlm Afiairs ... g7r.473,300 "salt, matches) ........ ... 3,221,880,000 » Colonies 5000 306,665,300 i Mg Bn » Public Instruction. . 1,203,338,207 Vices, Veter). |. RATT . 799,091,000 2 Intecior i, Lu 00 346,234,271 gens wd Wis Mm en Wo LLL Neiman Other S00 fiscal revenues ...... 1,517,911,094 n Communications .. 1,027,304,393 eparations ©. 1, LT oot aAy ,000, nl of new railways. ... War onl, 2,129,085,447 Movement of capital (sale of £2 Marine: oon 980,000,000 prope, ons” cman "Ruble Bsoms | stesensrs recovery of credits, etc.)..... 1,236,970,332 Clearing “account Sythe RI gel] 62,660,204 ie Grand. total... ui 18.944,265,157 Grand total.......... 18,819,774,045 References : Gazzella Ufficiale, June 24, 1925, N° 145, p. 2658 ; ibid. July 24, 1925, N° 170 ; Bulletin de Statistique et de Législation comparée, January, 1925, p. 181 ; budgets as published by the Ministry of Finance. B. — Import and Export Statistics Year Imports Exports Balance (in lire) 1922... re oa itin 15,770,383,000 9.297,218,000 — 6,473,165,000 1923 te ends 17,189,100,000 11,085,600,000 — 6,103,500,000 1924... deals 19,387,100,000 14,309,600,000 — 5,077.500,000 1925 (1st 6 months). . 14.243.700,000 8.445,900.000 — 5,797.800.000 19 — pe J — References : La France et le Marché Italien, published by the Italian Chamber of Commerce in Paris, N° 1, 1925, p. 4; The General Confederation of Italian Industries, Business and Financial Report, August 1, 1925; Supplemento Ordinaria alla Gazzella Ufficiale del Regno D'ltalia, n. 192, del 20 Agosto 1925. LATVIA A. — Budgetary Situation The Latvian budget is divided into two sections, ordinary and extraor- dinary. Expenditure is limited to the income, and the country therefore has a balanced budget. Income is derived from customs duties, direct and indirect taxes, spirit and flax monopolies, the state forests and the state railways. Extraordinary expenditure is principally for aid to farmers, war reconstruc- tion, improvement of communications, and education. Both income and expen- diture are usually underestimated by about ten per cent. which is made up in the form of a supplementary budget toward the close of each year. All figures given below are in Lats, which are equivalent to gold francs. The budgets have balanced at the following figures: 1922-04923, i. Ley Sats 179,646,667 1OTB 100A ae "174,083,930 VO24-1925. 1. led A 193,726,965 10250926... ee 160,949,256 The Latvian budget as approved for the year April I, 1925 - March 31, 1926, is as follows, In summary: Ordinary: Revenue Expenditure State President and his office...................... 5,820 153,354 Parliament Lo ale eller ol wife vimotia is as io wi 1,720 962,787 Cabinet of Ministers and State Chancellery.......... 24,115 235,136 Statistic, Bureatt Le i ials le (alaballelale a laid) wiwioie 2 3,600 889,892 Foreign Office Ludi Gl 952,720 2,242,696 Ministry of Justice .......c.ioiiiiiiiiiiiiiiiienn. 1,031,750 5,258,428 Ministry of Interior ............cciiiiiineeiinnnn.. 1,783,157 9,051,597 Ministry of Education ............coooiieienennn 1,862,589 15,353,426 Ministry of Finance ...........cciiviinneennnnnn. 128,196,573 17,606,775 +. Ministry of Agriculture ............coiiiiiiiinn 11,217,912 6,196,540 +. Ministry of Communication ...........cocceeeeneens 4,568,616 2,109,749 32. Ministry of Labor ...uc..euueeeriirannnnesesssnns 484,476 9,386,898 13. Ministry of War .......cooueeiiiiiinnneensnnnn. 159,131 35,286,272 14. 0S tate. (AAI. « «leiele 1 rie a sin sieisisisisiololsivielvinls si sis 40,100 501.485 50,332,279 105,235,035 20 Total . Extraordinary : "Foreign Office, Lad, evra dead, oe 51,114 Ministry of Justice "ul LLL... 00 Lae J — 88,466 Ministry of Inferior tbat LLL... 0, J SEES | — 216,500 Ministry of Education®................. 000» A — 555,000 Ministry ‘of FinancetlL nun Jo... io dl eee 6,151,000 26,739,021 Ministry ‘of Agriculture.’ ........ SW sis. 4,465,977 1,527,540 Mumistry of Communication ............ oak Ph. — 16,479,073 Ministry ‘of Labor ico... vino iin — 77,900 EEE Ministry of War ul. ee es va EY — 9,979,607 Total......... . 10616977 55714221 Grand total............ 160949256 160,949.256 B. — Import and Export Statistics Year Imports Exports Balance (in lats) 1922... ....c oir ee se BRI08,094,656 102,985,875 — 5,108,781 1923.........00.. NR I211 872.024 161,929,051 — 49,942,973 0924. ce ceninunen ar T56.365.734 170,523,762 — 85,841,972 1925 (Ist quarter) ........ 67,385,850 44,938,114 — 22.447.736 LITHUANIA A. — Budgetary Statement Year Revenue Expenditure Balance : (in Tits) 1922. ...... = ... 137,762,700 131,000,600 + 6,762,100 1923. 004 208,296,800 208,296,800 — 1924....... 2 229,746,800 226,342,800 + 3,404,000 [OS ti ts as 257.732,047 257,732,047 - The budget for the fiscal year 1925 as approved by the Seimas (Congress) in December, 1924, appears below. Revenue Expenditure President of Republic. ..................... he 330,627 Seimasie, ral 3 —_— 1,493,050 EDIE + oa vs tvs 7a weds heals sd 4 oo SNE 40,800 2,116,345 Ministry of Home Affairs ............ _.. 2,865,500 24,050,712 Ministry of Finance ................. ~.. 178,010,691 28,466,123 Ministry of Agriculture .............. _.. 27,117,756 25,691,405 Ministry of Education ................. ... 1,014,000 32,840,899 Ministry of Justice's... .c.0unu...... 000 2,386,000 7,754,140 Ministry of Communications. ............... | 1,043,400 10,469,599 Railway Board... 0 vi us dad. 33,269,500 59,270,680 Ministry of Foreign Affairs ................ 1,403,000 6,103,748 Ministry of National Defence .............. 581,000 51,727,000 State Control 1... 00. cee sini oo sien — 1,391,762 Payment of State Debts.................... os 6,025,957 Grand total............ 257,732,047 257,732,047 2° sail References: Economic and Financial Situation of Lithuania in 1924 (State printing Office); Statistikos Biuletenis (in Lithuanian and French) published by the Ministry of Finance, Central Statistical Bureau. B. — Import and Export Statistics Year Imports Exports Balance (in lits) JO cet ew IR 74,584,600 76,892,400 + 2,007,800 1923. LL nes nS 56,627,200 146,794,700 —118,832.500 ¥O24. nT 206,533 800 266,583,600 + 60,049,800 1925 (Ist 4 months) ...... 84,832,900 79,225,800 — 115,607,100 Reference: Central Statistical Bureau of Lithuania. LUXEMBURG A. — Budgetary Situation It is not possible to give an exact statement of the expenditure of Luxem- burg for any fiscal year after 1922. That year was prolonged to March 31, 1924, and is closed, but the final expenditure can not be given so long as the 1921 account remains in abeyance. All figures given below are subject to later modification, especially as concerns expenditure. YT Revenue Expenditure Balance : (in Belgian francs) 1922.0 0 sr ins IES 56710) 123,115,191 — 34,253,000 1 YO23.00 0 dai Cr 85.7 54,604 170,843,747 + 14,910,857 J924 (budget)... . -Lt 125,085,073 122,134,066 -}- 2,951,007 1925 (budget proposal) .... 121,786,756 2 121,620,477 = 166.279 The budget proposed for the year 1925 is given below. Subject to very slight modifications the Chamber of Deputies has adopted this budget for the first reading. After being voted upon the second reading the budget will be definitive. The expenditures accredited to the different government departments are not inclusive. For example, the increase in salaries of government employees 1. Includes 29,407,785 francs deficit of preceding year. 2. Includes 11,639,132 francs estimated excess of receipts for 1924. “Tea following the rise of prices is provided for separately but naturally falls in part under the expenses of each government department. Revenue Expenditure — Civil list onder To Ts 200,000 : Government representation expen- Estimated surplus for preceding year 11,500,000 = ses, printing, raise in salaries be Direct taxes and excises...,....... 30,610,000 cause of increase of cost of living, BC a 1,032,150 Customs ........................ 23,638,000 Chamber "of Deputies <...... 0... 01 500,000 Registration and domains......... 34,627,153 State Council... cui vii vi vile 68,000 Post, telegrarh land felepbone.....Jliressnono ISIE oi oooiesrnrnnns eri) 2t300 Prisons and hospitals .........%" 814,000 Justice gle in os 3.547.500 oo orps o endarmes and volunteers 2,620,000 Various other revenues............ 5,847,603 Department of accounts oo ro: 130.500 = = Generali revenue: ........... 00... 712,728 Cults (Catholic, Protestant, Israelite Grand total........ 121,786,756 faiths) toil a ER A a 2,322,362 Direct taxes, excises and roll tax... 6,089,272 Registration and domains ........ 865,200 : . Customs)... os wlan Li Sarin a 204,100 Revenue and Expenditure Applying Land credit and savings banks... .. 495,612 to no particular fiscal year. Pensions... Ll os are 8,773,000 Publics Works... 3, 04 ie 16,194,753 : State domain... .. 0 200 Ee 60,000 A) Revenue : VIII Le ride we 119,000 : : Commercial enterprises ...... ..... 2,500,000 Revenue resulting 5 from ‘economic Municipal: works ,..... 0 1,002,070 union with Belgium............. 20,400,000 Public Debt .............. .. . 23,363,732 District Commissariats, aid funds for ; : municipal functionaries ......... 767,000 B) Expenditure : Administration of forests and irriga- : : : tomy tu. TEE 488,500 Bapenditure Fesulving from economic Sanitary <'Service .... 00a hl] 507,500 union with Belgium.............. 5,850,000 Thermal establishment of Mondorf- : : EERE, sl or Hii eet ea 242,000 Reimbursement of advances received Post, Telegraph, Telephone services 7,002 440 ontidebtiti. oul... oo evs SBR Oo, 000 Commission of Agriculture. Service, i : administration "i. ...... San lo Lk 282,011 Reimbursement to foreign offices by Agriculture, — divers Branches the post, telegraph, and telephone (education, cattle rearing, ameliora- ; HonSNete. Ly, 0, 0). JiR 1,204,617 jervices [saan s rsdn 2,844,240 SOCIRLLWOTE us oes Siar re 2.215.83¢ Loan, interest, and amortization aris- Commerce and Industry .......... 325,557 : : 3 Education) 0 Lol, LI5E Da alee 12,506,423 Ine. from fhe fonstpuction Ad jx Science and Arts, vied. nme] 160,550 ploitation of railroads........... 18,300,429 Prisons, hospitals, benevolent societies 3,989,900 : : Police, general and administrative, . 213,000 Accident and old age insurance... 500.000 Unforeseen expenditure ...... _.. 11,183,172 Payments on budgets of precedent NV OaLS o eie i ni dr 3,575,987 _ Works of public utility ....... 6.601,220 Grand . total... . 50,744,669 Grand total.......... 121,620,477 References: N° 28. Chambre des Députés. Projet de loi concernant le Budget des receltes et des dépenses de I'Etat pour I'exercice 1925; Grand-Duché de Luxembourg, Publi- cation de I'Office de Statistique, Annuaire Officiel, 1925. B. — Import and Export Statistics. (See under Belgium) NETHERLANDS A. — Budgetary Situation Year Revenue Expenditure Balance (in florins) 1922. Lana 633,809,952 1,082,893,440 — 449,083,488 1923... 8h nhs 626,766,847 777,241,835 — 150,474,988 1924.5 Gia h band 599,421,652 740,114,243 — 140,692,591 1925. 0 saa ent 612.909,920 691.447.741 + 78,537.821 The budget for 1925 is as follows: Revenue Expenditure and tags ful nhisils lis ase 19,126,000 Personal tax ............... ... 25,150,000 Household of the Queen......... 1,625,000 Income: taXs tn ellis eee 85,000,000 Dividends and bonus tax......... 12,000,000 Sold tax i el es s . 2h .. 10,500,000 Highest state and Cabinet of- uty on sugar, wine, salt, beer, : $ODACCO I «asi alala ie alle) oss als ls ea!» NT 30, T 50,000 ficials ........... .........l T,929,201 Tax on cards, bicycles, stamp and registration dues, inheritance and git Geax SLE. 85,080,000 ept | lof Foreign Affairs......... 4,101,118 Import: dues, etc. ij. . lL RL LLG 39,901,000 Statistics Mees Laan E a 3,700,000 State demesnes, roads, canals, fer- : HES [ANAL DOTS. x xin sinis biniale sinlais 2,760,000 Dept. of Justice ............... 27,278,833 Profit on state lottery .......... 665,000 Rent of state hunting and fishing 260,000 Pllotiifees! ,. che vt lt nas 3,000,000 Dept. of Interior and Agriculture 20,227,478 Mine dues iy tei 650,000 Participation of the state in ex- ploitation of the state railways 4,288,940 : Post, telegraph and telephone de- Dept. of Instruction, Arts and PAFEMENES il, fell i lo eileieria ts 6,000,000 SCIENCE. ile ee lvisle ore eee ee nies eS Y 43,000,074 Participation of the state in profit of Bank of Netherlands........ 5,400,000 Purchase price of state demesnes. . 1,200,000 State! fees alas 300,000 Dept. of Navy ................. 46,110,357 Income from sales of various articles made available to the public.... 100,000 Interest on capital lent to the Service on National Debt........ 114,090,340 colonies of the East and West Indies, to state institutions, spec- ial state foundations, municipali- ties and railway companies...... 52,114,208 Dept. of Finance ............... II3,I0I,I43 Repayment on loans to the fore- going’ institutions... nt lh. 8,234,809 Returns from State institutes (premiums paid by state person- Dept. of War. Ll. esse «<5 3,002,570 nel for pension- and fire-in- STATIC ee a x lain a abial eile (ole ale ol nse 4,111,084 Various receipts through Dept. of Foreign Es ne o jy D on 547,000 Dept. of Waterways ............ 104,202,280 Various receipts through Dept. of Justioertis, hl au rl Cai ae 5,065,025 Various receipts through Dept. of Dept. of Labor, Commerce and In- Interior and Agriculture........ 2,335,412 dustry 20d. Various receipts through Dept. of HSHEVE EE 40,204,239 Tnstruction, ete... Lr Ln tal. 10,719,561 Various receipts through Dept. of the Navy .................... 6,709,639 SN Dept.. of | Colonies... ......¢. 5,636,099 Various receipts through Dept. of Finance!’ ht dl er 15,343,200 Various receipts through Dept. of War a eh oe ie 2,393,000 Unforeseen expenses ............ 50,000 Various receipts through Dept. of Waterways i. AN le fe elas 64,302,040 CE = Various receipts through Dept. of Labor, Commerce, etC... ....... 5,004,500 Grand total.......... 691,447,741 Various receipts through Dept. of Colonies. i ela teie late te to 17 eheln 798,600 TEE PR Of this amount fl. 86,187,715 is counted as Grand total.......... 612,009,918 extraordinary expenditure. . The budget provides that treasury bills may Of this amount fl. 21,055,496.71 is counted as be issued in case of need to a maximum amount extraordinary revenue. of 150 million florins. References: Staatsblad van het Koninkrijk der Nederlanden (N° 5989 of January 26, 1925). Nota betreffende den Toestand van's Lands Financién (Statement by the Dutch Minister of Finance. September 16, 1924). ee _. VE EY ee B. — Import and Export Statistics Year Imports Exports Balance - (in florins) 1922...... «cine. 0R2.034,740.769 1,256,710,483 — 778,030,286 1923... .....°9 2,024,808,485 1,315,484,414 — 709,324,071 1924........... 70002 378 100,500 1,802,233,707 - 575,867,093 1925 (Ist quarter) .... 627,053,941 435,705,849 — 191.348,092 Reference: La Statistique du Commerce des Pays-Bas avec les Pays étrangers publiée par le Bureau Central de Statistique & la Haye. NORWAY A. — Budgetary Situation The Norwegian fiscal year runs from July Ist-June 30th. Until this fiscal year the budget consisted of two parts, an ordinary and an extraordinary budget. This form is now replaced by a budget which distinguishes between expenditures and receipts connected with arrangement and administration of state stitutions and those connected with the national capital. Year Revenue Expenditure Balance (in Norwegian crowns) 1922.§923. . ....... 0 ee 362,922,900 453,810,300 — 90,887,400 1923-1924 (budget)....... 551,580,000 551,580,000 —_ 1924-1925 (budget)...... .... 631,380,000 631,380,000 —_— 1925-1926 (budget proposal)..... 427,600,000 427,600,000 — BUDGET Project for 1925-1926 I. Administration Revenue I. Administration Expenditure A) Ordinary Revenue : A) Ordinary Expenditure : rl Taxes and dues ............ 328,186,115 1. The Royal House .......... 858,000 z Dues and fees ............. 6,682,050 2. The Government and the State 3. Reimbursements ............ 5,417,706 Secretariat... vr hoe 641,398 4. Receipts from state establish- 3. The Parliament (Stortinget ments .............c..... 17,872,928 and State auditing dept.) 3,017,125 5. Miscellaneous receipts ...... 7,437,898 4. §Supreme Court ............ 424,000 6. Interest and profit on stocks. . 7,910,150 5. Dept. of Foreign Affairs...... 4,334,920 So — 6. Church and Public Instruc- Total.......... 373,506,837 pon I 59,337,454 ; 7. ept. of Justice............. 17,202,500 Rupe on State works and funds 8. Dept. of Public Welfare. . ... 38,492,165 7: exrallways |... 0000 8,822,400 Dept. of Comm Navica. 8.8 Postal Service .,.......... °° 1,560,000 9- pt. ere B20 : 1 tion, Industry and Fisheries 15,956,625 9. Telegraph Service ........ iv 2,889,000 Dept. of Agricult 13.18 10. State Power Works, etc. ... 1,830,100 33 Dey. > Pub, Ne IS gd 11. Silver mines at Kougsberg. . . . 278,500 5 Do y Fi < d ‘Customs 3,720,003 12. The mint-works at Kougsberg 5,081,800 Ya or 3.3 hance ne fstomse ’ (whereof 100,647,038 for 13.108tate forests ............... 536,541 the National Debt) 26,352,60 14. Various other state properties 18,600 13 Dens. of A rm 2 Bg 1s. Funds of the Church Dept. _ 1.485,400 14. Miscellaneous .............. 19,367,126 TOLAL (vice eve weeny 396,000,188 : Total......... Bh368,032,502 II. Revenue from Capital . ! I. Contributions, repayments, etc. 1,699,600 11+ Capital Expenditure 2. Receipts derived from State 1. For state establishments (new loans ....... Cet niu 15,000,000 construction, etc...) ...... 29,370,000 3. Balance on hand in Treasury 14,801,212 2. Redemption of national debt 30,197,498 Grand ‘total... .... .+ 427,600,000 Grand total... ..u... 427,600,000 Reference: Finans-og Tolldepartementet: Si. prp.nr. 1 (1925) om kongeriket Norges statsbudgelt for budgetiaret 1ste juli 1925 til 30te juni 1926. aE B. — Import and Export Statistics Year Imports Exports Balance (in Norwegian Crowns) 1922 ees nos BY, 313,900,000 787,400,000 — 526,500,000 1925. nh a] 347 800,000 830,900,000 — 511,900,000 1924, inti tL. YEN 547 800,000 1,063,700,000 — 484,100,000 1925 (Ist 5 months) .... 735,000,000 558,300,000 — 176,700.000 These figures must be supplemented by the receipts from Norwegian for- eign shipping which is the most important item for offsetting the unfavorable trade balance. The gross amount of freights in foreign shipping was for 1922, 463 million crowns; 1923, 483 million crowns; and for 1924 calculated to be 525,550 million crowns. Reference: Norges Statistische Centralbyra, Oslo. POLAND A. — Budgetary Situation Year Revenue Expenditure Balance (in zlotys) 1922.0 528,000,000 890,200,000 — 362,200,000 1928. i madara. 426,800,000 1,118,800,000 — 692,000,000 1924 (budget). ...... 1,703,037,000 1,553,325,000 1 +4 149,712,000 1925 (budget).......... 2,155,391,000 2,176,773,000 + 21,382,000 The budget for the fiscal year 1925 follows : A) Administration and undertakings : Revenue Expenditure President of the Republic, Diet and Senate, Council of Ministers, and State control.................... 1,045,000 18,000,000 Ministry of Foreign Affairs ............c.ccoeennn.. 8,785,000 20,814,000 War i LE es SO 16,189,000 727,100,000 » HF Eyre SU I SPE en 27,093,000 207,934,000 2 YE Rane a TE nt SE Le 1,337,768,000 332,914,000 » PI ustice ial RL ee J 36,193,000 91,921,000 i ” Industry and Trade .................... 127,556,000 115,073,000 § IR a TIWAS! thi lei is vis se feel area fel oe 90,962,000 93,680,000 ” MB Agriculture SLL LL LL ee 63,437,000 40,145,000 INE JiTCRRION. ofits nx al a nia stn totaled lel lta 8,814,000 323,685,000 be 7 ID Rbic VOTES 11 ov sain lan sls #8 m alulaieinime s 27,896,000 82,449,000 » » Labor and Public Welfare............... 1,019,000 34,411,000 SN and RefoTT Ly vse» sissies malststsitad es 11,022,000 43.852.000 B) Monopolies: Saccharine, salt, tobacco, alcohol, state lottery... ... 397,612,000 44,795,000 Grong total. i.e. de vis.. E 2.155.391,000 2,176,773,000 References: Republic of Poland, Statistical Bulletin of the Ministry of Finance, Ne 4, April, 1925; Report on financial conditions in Poland presenied to the Prime Minister of Poland by The Right Honourable E. Hilton Young on February 10th, 1924 (London, Waterlow & Sons, 1924). 1. To this sum should be added 73,892,693 zlotys which was not paid in until the first month of 1925 because of the postponement of expenditure. 276 tr B. — Import and Export Statistics Year Imports Exports Balance (in zlotys) JO22. . in iene gin 845,355,000 655,150,000 — 190,205,000 1923. ..... .. eed, 116,481 000 1,195,587,000 + 79,106,000 1924... ...... 0.01 ,478,558,000 1,265,873,000 — 212,685,000 1925 (1st 3 months)..... 509.900,000 331,000,000 — 178,900,000 PORTUGAL A. — Budgetary Situation Year Revenue Expenditure Balance (in escudos) 1922-23... .. : 283,637,853 573,326,152 — 289,688,299 1923-24. ... 707,617,106 865,310,212 — 157,693,106 1924-25. ..... 1,237,986,167 1,324,188,853 — 86,202,686 1925-26... . . «1 .:.0001.306,193.611] 1,369.758,749 — 63.565.138 The budget for the fiscal year 1925-26 follows: Revenue Expenditure Ordinary Revenue : Ministry of Finance : Direct contributions and taxes : : . Industrial taxes .............. 87,500,000 Ordinary expenditure : Landrtaxes ic. slehinaites 56,500,000 : Consular fees ................ 47,000,000 Public Debt .................0 311,580,170 EH Tl RR Ss President of Republic, Parlia- dynamite, fishing, industry, ment, pensions, subsidies, etc. . 20,447,322 mines, investments, etc....... 38,224,515 - a Administration of ministry....... 36,843,318 238,765,330 rr — Stamp and registration dues...... 191,800,000 Total of ordinary expenditure.. 368,879,810 Indirect taxes : . . Duty on imports and exports.. 143,326,500 Extraordinary expenditure ........ 102,590,329 Fishing dues Lor Rk... 22,000,000 — a ax on transactions............ 105,000,000 a : Supplementary dues on imports 30,000,000 Total for Ministry of Finance..... 471,470,139 Miscellaneous ............... 3.688.343 Ministry of Interior.......... .. 128,809,381 06,014,843 5 : c Revenues from tobacco, matches, 3 A Justice and Cults. . 2 25,384,432 lotteries ; profit from Bank of » r - Portugal, posts and telegraphs, War ........... - 279,802,407 BHC. en esi led en na av ve sna oy 98,040,000 : Public Domains... . A sec. cain 15,671,811 . Marine ......... -- 116,739,431 Annuities and dividends on capital : : and stock of banks and corpora- . Foreign Affairs .. + 39,855,972 tions) Hal LULL LL Le. eit) oo IF 80,857,506 “ Yarions reimbursements .......... iad Commerce and Commun- evenue from various public services icati and institutions ............... 131,483,577 IEQHONS. oss vue vy - 98,435,599 Crp 258,838 2 Colonies ....... : 15,062,588 Extraordinary Revenue : Co » Public’ Instrocti 6 bye of public domain, etc........ 54,600 Scho «11 %20,355,504 90 % on transaction taxes ........ ,500, 3 al elas 40 % on various contributions (ac- Sh Labor J #51420: cording to law of Sept. 21. 1022)... 87,800,000 = Agriculture: ....... ... 19,222,888 Coinage ... 45,000,000 227,354,600 Grand total............ 1,306,193,611 Grand total............ 1,360,758,749 Reference : Repiblica Portuguesa. Orgamenio Geral Proposta de lei das receitas e despesas ordindrias e exiraordindrias do Estado na Metropole. Para o ano econémico de 1925-1926. Lisboa, Imprensa Nacional, 1925. B. — Import and Export Statistics Year 1 Imports Exports Balance (in escudos) 1923.0... 2.230,000,000 680,000,000 — 1,550,000,000 1924... ..... .... .23,178.905,673 1,271,609,136 — 1,907,296,537 ROUMANIA A. — Budgetary Situation Year Revenue Expenditure Balance (in lei) 1922/1923. ....... 14,403,424,166 10,498,283,482 - 3,905,140,684 1923 (9 months). ... 17,767,754,059 15,406,457,918 4 2,361,296,141 1924. ............ 16710,692,5142 24,000,000,000 3 — 7,289,307,486 1925... ee ee E53 1,749,980,000 31,750,000,000 ee 20,000 The exact surplus of Roumanian receipts over expenditures for any given fiscal year is difficult to determine. Collections and payments under any par- ticular budget are frequently made up to six months after the close of the budgetary year. Moreover, certain ministries, particularly the Ministry of War, sometimes obtain ‘‘supplementary credits” and make payments which are not provided for in the budget and from funds the sources of which are not made public. During the twelve months ended March 31, 1923, “supplementary credits’ to the amount of approximately 3,750,000,000 lei were eventually announced, and it is understood that other ‘supplementary credits’ which were not specifically made public brought this amount up to a total which just about balanced the budget. Similarly, the surplus for the nine months of 1923 is understood to have been used. As for the budget for the year 1924, the Prime Minister has recently announced a surplus of approximatelv 4,900,000,000 lei against which credits amounting to about two billion lei are already stated to have been opened, chiefly for the army, the railroads, and public education. In recent years, however, expenditures have not exceeded the revenue. 1. The figures for the year 1922 and for the first part of 1925 are not available. 2. Receipts for 9 months. 3. Estimates for 12 months. An itemized account of the 1925 (January | to December 31) budget appears below : Revenue Expenditure Direct taxes ...........\ ah. 083;493,000,0000War Office. ...... 00. iv itis 4,324,650,797 Indirect taxes .................. 9,635,000,000 Ministry of Finance............. 7,607,496,013 Stamp and registration duties.... 1,601,500,000 Ministry of Education.......... 2,150,780,000 State Monopolies ............... 4,711,386,000 Ministry of Cults and Art...... 551,586,831 Ministry of Communications..... 9,634,935.000 Home Office .................. 1,253,064,108 State demesne .... ET i, 384,000,000 Ministry of Public Works. Simin se 306,277,890 Subventions. oo... rl i 45,311,846 Ministry of Justice ............. 512,000,000 Ministry of Finance ........ ... 988,883,549 Ministry of Agriculture......... 723,250,000 Home OfBee suo. suns aswnnas os 38,633,000 Ministry of Industry & Commerce 438,737,012 Ministry of Justice ............. 54,470,000 Foreign Office ................. 227,924,500 Forelon Office ov. nrinisivlin 70,000,000 Ministry of Public Health and in 3 Socialf Relief: ........ i anes 901,000,000 Ministry of Agriculture.......... 41,090,00¢ bri : sie . Ministry of Labor, Cooperatives Ministry of Public Health and of and’ Insurances 103,000,000 Social Relief"... ............;. 159,228,100 3 Signe Tey cls : Ministry of Communications... .. 9,436,524,664 Ministry of Labor, Cooperatives ; J and Insurance ............... 38,713,735 Cabinet ‘Council ".......:..... 3,265,967 Minist f Industry and Com- A Yj tdusuy, 80d Lom: 770,240,000 Total.......... 28,540,458,769 War Office. ................ 0 28,270,000 For the improvement of the mater- Ministry of Public Works. ....... 2,500,000 ial position of officials and pen- Ministry of Education. .......... 33,972,000 SiOners ............cc00u00... 2,000,000,000 Ministry of Cults and Art....... 13,846,720 Fund for the payment of war damages and requisitions... ... 250,000,000 Fund for opening supplementary and extraordinary credits. ..... 059,541,231 Grand: total... ......% 31,749,980,000 Grand total.......... 31,750,000,000 B. — Import and Export Statistics Year Imports Exports Balance (in lei) 1922... -12,325,366,301 14,027,376,216 + 1,702,009,915 1923... a 19,712,941,400 24,372,675,295 + 4,659,733,895 1924............ .1026,292,000,000 27,829,000,000 + 537,000,000 1925 (Ist quarter). . 584,095,593 938,890,472 + 354,794.879 References: Analele Bancilor (in Roumanian and French), December, 1924; General Budget of Roumania for the year 1925 (in English); Ministerul Finantelor, Expunere de Motive Si proiect de Lege pentru Ratificarea Conventiunilor incheiate intre Ministerul Finantelor Si Banca Nationala A Romaniei. SERB-CROAT-SLOVENE STATE A. — Budgetary Situation According to the Constitution of and law regulating State accounts in the Serb-Croat-Slovene State, the estimated budgetary receipts and expenditures should be submitted to the Skoupchtina (Congress) between October 20th and November 20th of each year. To date, however, this has not been done. 20 Pr Ie Tih Instead a system of budget twelfths has been applied The budget for the fiscal year beginning April 1st, 1925, is now before the Skoupchtina. Year Revenue Expenditure Balance (in dinars) August 1, 1922-June 30, 1923.... 6,484,017,403 6,125,131,888 + 358,885,515 July 1, 1923-March 31, 1924.... 7,413,811,526 6,375,970,191 4+ 1,037,841,3351 April 1, 1924-Febr. 28, 1925.... 9,845,036,178 9,436,415,524 + 408,620,654 2 April 1, 1925-March 31, 1926 (budget) 11,910,000,000 11,910,000,000 Budget for 1925-1926 The chief items of the proposed Budget and Finance Bill are the following : Revenue Expenditure Customs and duties............. 1,690,000,000 Supreme state administration. . .. 1,076,152,608 Consumption tolls and dues...... 1,310,000,000 Ministry of Justice.............. 279,208,955 i 4 22 Education. lo. hr 749,587,103 Monopolies: .. . iin LULL 2, 468,050,000 » BoRaitn ns 115,164,387 Agio and exchange. ........LLL 163,000,000 2? Interior SNE 606,704,965 Tax on business turnover... .. 225,100,000 Public Health ...... 317,181,777 , ? Foreign Affairs ..... 227,552,209 Railways’... ... Lon Lsn el EE 2. 162,850,000 » Finance .... vn... Dy 767 702.308 Postal savings bank and financia 2 War and Navy...... 2,248,259,366 Institutions)... Lie ULE 15,000,000 2 Construction ....... 474,047,788 Supertax for disabled ........... 140,000,000 5 Communications .... 2,234,578,987 oy oe : 22 Posts and Telegraphs 409,598,192 Maritime administration ........ 70,000,000 9 Agriculture & Waters 277,201,608 Extraordinary supertax of 50 % 2 Forests & Mines.... 359,872,510 andi 30 Thy LL gaia 500,000,000 3 Sommers & Industry 91,681,193 Publi BY ete SA ta # ocial Politics ...... ~~ 459,984,557 iy ie Sra 23 oo » Agrarian Reform .... 75,388,658 €r taxes ... Rar 910,000,000 ” Unification of Laws. . 642,742 State economic institutions .. 1,120,000,000 Budgetary reserves ............. 140,000.000 Grand total.......... 1I,010,000,000 Grand total... i... St.07C.000/000 References: Exposé de M. le Docteur Milan Stoyadinovitch, Ministre des Finances, présenté a la Skoupchtina le 28 mars, 1925, au sujet des douziémes provisoires. Belgrade, édition “Avala”; Sluzhebene Noviie, April 1, 1925, N° 97, “Law on Budget twelfths” (in Serbian); the Near East, June 25, 1925, p. 687. B. — Import and Export Statistics Year Imports Exports Balance (in dinars) 1922... .......... 6.441 .876,000 3,691,166,000 — 2,750,710,000 1923... a. cE 8.509,635.000 8,048,944,000 — 260,792,000 1924............. 8,221,744,000 9,538,774,000 + 1,317,031,000 1925 (1st quarter).. 2,128,396,000 2,273.481,000 + 145,085.000 1. This surplus has been used in the following manner : Under the terms of the Financial Law, surpluses over and above those provided for in budget forecasts, may be used by productive ministries, like the Ministry of Communica- tions, etc., for the purchase of needed equipment and other necessary capital expenditures. The expenditure of 800,000,000 dinars for military equipment needed was authorized by special act of Parliament but no provision was made to cover this expenditure. The Minister of Finances, as need arises, may use the budget surplus for this purpose. Only a part of this surplus, said to be less than one-half of the 800,000,000 dinars, has been used up to the present date for military purposes. Among other uses to which this surplus was put were: construction of railways, repair of rolling stock, for State payment to various hospitals, etc., for investments and purchases for the Ministry of Mines and Forests—especially for state mines. 2. This covers only eleven months of the fiscal year. Final figures for March, 1925 are not yet available. The authorization for the use of budget surpluses as explained under note one above remained in effect for this year. 2C — G1r— SPAIN A. — Budgetary Situation Before the World War and until December 31, 1918, the Spanish fiscal year coincided with the solar year. After that date the fiscal year ran from April 1st to March 31st. A Royal Decree of March 31, 1924, prolonged until June 30th the budget for the year 1923-24. Year Revenue Expenditure Balance (in pesetas) April 1, 1921-March 31, 1922...... 4,362,000,000 3,633,000,000 - 729,000,000 April 1, 1922-March 31, 1923...... 2,953,000,000 3,375,000,000 — 422,000,000 April 1, 1923-June 30, 1924....... 3,604,301,306 3,508,437,644 + 95,863,662 July 1, 1924-June 30, 1925........ 2,800,392,568 2,941,724,894 — 141,332,326 July 1, 1925-June 30, 1926........ 2,785,288,568 3,092,538,991 — 307,250,423 A detailed statement of the budget for the fiscal year 1925-1926 follows: Revenue Expenditure 1. Direct taxes (land, industry, i. — General state expenditures : : PARoval House ..... a0. 9,500,000 commerce, income, transfer Parliament ....... i. ensnie 2,056,298 and inheritance; profits from ¥ Pale Seb. NEL pie de ren 776,910,724 ' 4. Pensions an OTIS ale ow «roti 102,676,920 the Bank of Spain, etc.).... 1,002,673,068 5. Supreme Tribunal of Finance 1,242,250 > Indirect taxes (customs; sugar, Total for G. S. E. ...... 802,386,192 alcohol, chicory; dues from IT. — Ministries : 1. Presidency of Council and of free ports of Canary Islands, Government | .'... 0... a5. vie 15,725,065 consular fees; stamps, etc.) 1,053,304,000 2. Ministry of Foreign Affairs. . 11,803,618 : . 3. Ministry of Justice : - Monopolies and state enterprises ay civil services .......... 40,321,225 (tobacco, matches, lotteries, b) public worship ......... 61,135,021 4. Ministry of War... 0. 442,931,377 telephones, telegraphs, etc.) 12,900,000 5. » of the Marine ..... 179,128,240 : : 6. » of the Interior .... 255,416,796 4. Public domain... ."...cxscrne 31,761,000 7. » of Public Instruction and Fine Arts.... 178,396,081 5. Other revenues of Treasury... 54,650,000 8, »n of Public Works and Agriculture. ..... 421,207,476 9. » of Labor, Commerce and Industry .... 15,511,349 10. » of" Finance '.......: 31,007,212 Total for Ministries....... 1,653,483,460 III. — Miscellaneous : I. Administration of taxes and FEVEnUe rs ..... . decisis sons 263,286,791 2. Possessions in West Africa... 2,802,401 3. Operations in Morocco....... 280,580,147 Grand total.......... 2,785,288,568 Grand total.......... 3,002,538,991 References: Gaceta de Madrid, July 2, 1925; Bulletin de Statistique (French), June 1924 and April 1925. B. — Import and Export Statistics Year Imports Exports Balance (in pesetas) 1922...........% 3,042,130,102 1,399,602,679 — 1,642,537,423 1923... .......0%. I3,062,886,920 1,592,221,584 — 1,470,665,336 1924............. 3,230.800,000 1,782.800.000 — 1.448.000.000 a LE SWEDEN A. — Budgetary Situation The Swedish budget is never drawn up with either a deficit or a surplus. In the estimates as well as in the budget as finally adopted by the Riksdag (Congress) revenue and expenditure always exactly balance. Actually, how- ever, the end of a budgetary year shows either a surplus or a deficit, but more generally a surplus. The surplus is transferred to the Exchequer Reserve Fund and the balance in this fund has thus far always been sufficient to meet any deficit. As from 1923, it was decided that the fiscal year, which had coincided up to that date with the calendar year, should run from July 1 to June 30. A special six months budget was drawn up for the period from January 1 to June 30, 1923. The following schedule gives the total budget results for the years 1922- 1925 : Year Revenue Expenditure Balance (in crowns) 1922. sin 956,800,000 959,400,000 — 2,600,000 1923/24. ..... 822,700,000 796,800,000 -+ 25,900,000 1924/25..." 674,400,000 674,000,000 = 1925/26... .......... TNN728 815.700 728,818,700 The details of the budget for the year 1925-26 follow : Revenue Expenditure Taxation returns (tax on income and A. — Actual expenditure : capital ; tithes; tax on auto- Royal House es oa ratty 1,836,200 mobiles; excise; customs, etc.).. 494,948,700 Department of i Justice... Abn 12,049,900 Revenue from various state activi- » 4 Po (a : rs ties (pilotage, lighthouse dues, re- » of. Social Welfare Hh $1,046,900 gistration’ Tees, elc.)... vw. ashes 13,369,488 oh ofl Coramunications Li, 5.34700 Revenue from productive state funds: 3 of Finance... ny 43,726,900 Posts, telegraphs, railways, water- Ecclesiastical Department (archives, power, public domain ........ 85,100,000 libraries, museums, universities, Stocks and dividends (tobacco Do a [en ae monopoly): kl it ni, 10,022,500 ns of Arcs nl $2,175,200 Returns from state funds for public Bureau of pensions .............. 38,055,400 PUIDOSER lh a Ly A Seta, 11,219,800 Unforeseen expenses ............. 1,703,622 Parliament and auditing bureau... 4,254,000 Bank of Sweden ................ 15,500,000 Interests on public debt.......... 82,001,200 Additions to capital from state B. — Capital expenditure : railways, loan fund for general State undertakings .............. 29,896,000 building purposes, etc. ......... 48,052,212 Loan fund for public purposes... . 22,350,000 LOANS. ens ...... 50,606,000 Redemption of National Debt...... 8,104,600 Stateliliquor fund), il a i a. 27,900,000 Loans to institutions under Social Department. bio At, 11,710,000 Repayment of casual loans for acquisition of property ......... 7,056,178 Grand fotal.l...l. JL. 0 728,818,700 Grand! total. ...... 0... "728.878 700 References: Riksstat for Budgetiret 1925-1926; Professor Gustav Cassel, “The Swedish Budget” in Quarterly Reporl, issued by the Statistical Department (Swedish), July, 1925, pp. 37-39. =e B. — Import and Export Statistics Year Imports Exports Balance (in crowns) 1922..........%.. 001,114,162 ,449 1,153,710,755 + 39,548,306 1923..... . 1,294,527,587 1,142,095,263 — 152,432,324 1924. ............. 1,424,500,000 1,260,600,000 — 163,900,000 1925 (Ist 5 months). . 573,400,000 444,300,000 — 129,100,000 References: Kommersiella Meddelanden, published by Kung]. Kommerskollegiet, Stock- holm, June 30, 1925. SWITZERLAND A. — Budgetary Statement The Swiss budget is divided into two sections : the administration account and the extraordinary account. Receipts from the extraordinary account at present are derived from the taxation of war profits. The extraordinary expen- ditures arise from unemployment, a subvention to the Federal Railways, and an insurance subvention. In 1922 this ordinary account produced a surplus of 46,782,418 Swiss francs. In 1923 it showed a deficit of 28,935.211 Swiss francs and in 1924 a deficit of 20,450,000 Swiss francs. The status of the administration account is given below : Year Revenue Expenditure Balance - (in Swiss francs) 1922........ 2. . . 235.451 855 314,859,521 — 79,407,666 1923... . 253,445,119 298,913,873 — 45,468,754 1924. ...... 20 282,865,222 304,471,505 — 21,606,283 1925 0... . .. - . - 288.560.000 305.687.000 — 17,027,000 The administration account of the 1925 budget follows : Revenue Expenditure I. Return from invested capital. . 22,812,536 1. Service of the debt.......... 117,019,025 II. General administration : II. General administration : Federal Chancellery .... 8, a) National Council ....... 732,200 5 Fatal Tonal. oo Tosa 8) Council of Cantons. ..... 100,300 ¢) Federal Insurance Trib- Federal Council ........ 177,000 nal a 10,300 +) Federal Chancellery .... 1,072,290 e) Federal Tribunal ....... 897,214 III. Departments : f) Federal Insurance Tribunal 320,400 2 Potties Deparment die oe 669,500 III. Departments : epartment of Interior. . 1,047,700 Politi hd ¢) Department of Justice and Pe onrarant or) StS polices, con, Lal, 2,325,500 ¢) Department of Justice and d) Military Department ... 1,804,045 Police ............... 7,177,602 e) Department of Finance d) Military Department ... 84,990,653 and Customs ........ 252,278,689 e) Department of Finance and f) Department of Public Customs ............. 21,643,013 Beonomy 0... Lh 3,294,550 f) Department of Public ‘ g) Department of Posts and Economy ............ 32,218,919 Railroads’... 0" ! 3,626,350 g) Department of Posts and : IV. Miscellaneous, in round num. Railroads. ;..iv ve ohn ii 814,434 bers A ol 526,830 IV. Miscellaneous and unforeseen. . 4,616,033 Grand total........ 288,660,000 Grand total....... J 308,687,000 7 yp hafersnns: Message du Conseil Fédéral a I' Assemblée Fédérale concernant le Budget e la ( onfédération pour 1925 (du 4 Novembre 1924); Budget de la Confédération Suisse pour l'année 1925. Adopté par I'Assemblée Fédérale le 20 décembre. 1924. 32 B. — Import and Export Statistics Year Imports Exports Balance (in Swiss $rancs, Add ooo) 1922 1,914,465 1,761,574 — 152,891 1923. hr, 2,243,081 1,760,211 — 482,870 1924 solr... 2,504,468 2,070,136 — 434332 1925 (Ist quarter)...... 642,700 504,400 — 138.300 References: Statistique annuelle du Commerce de la Suisse avec I'Efiranger, published by the .Direction Générale des Douanes Fédérales; Monthly publications of the Union des Banques Suisses. TURKEY A. — Budgetary Situation Year Revenue Expenditure Balance (in Turkish pounds) 1922/23... 60,619,150 97,082,611 — 36,463,461 1923/24... 94,537,874 137,210,775 — 42,672,901 1924/25. ... 129,214,610 140,433,369 — 11,218,759 1925/26... ti. 153.046.854 183,932,767 — 30,885,913 In order to reduce the deficit for the current fiscal year the Turkish National Assembly voted two Decrees, the one providing for an economy of 16,980,000 Turkish pounds on the budgeted expenditure, the other stipulating that the increases granted on the salaries of state officials shall take effect as from June only. A detailed statement of the provisions of the 1925-26 budget follows : Revenue Expenditure Part I. — Direct Taxes : : Vand and. real propeity. tax, and Grand National Assembly......... 1,545,254 fixed tax of three Vilayets...... 10,670,000 Te a Wa I RT slant, of Republic... oy 208,791 Military service and military trans- ports exemption tax............ 2,800,000 Sheep and goats, camels, pigs..... 5,100,500 Court of accounts............ 449,595 Hi Are 15,350,000 evenues from privately owne : : is, tt on mites, and tax President of Council......... . 71,049 receipt’ forms it LL UL ULL 700,000 oh 30 276,500 Commissariat of Finance. ... 11,174,057 Part II. — Stamps, Taxes, Reg- . istration : Pensioner eta 13,767.604 LE LAMPS hs vs 2 oilers ort aiietaltialio 2,200,000 reasury stamps .........cce00n-- 1,000,000 , Judicial! expensesii til LhiLte nL 1,025,000 Public debt ................ 13,863,322 Patents, registration fees, and fines 1,220,000 TT OLalL Oh ii 5 245,000 Customs direction ........... 4,583,114 Part III. — Indirect taxes : Alcohol and spirits... ... LLL. 3,000,000 Survey direction *.... LLL LLL 955.123 Tumbekl 350. dha tito nents fail, 5,000 Customs and sundry ............. 30,350,000 Marine and sanitary dues,........ 1,050,000 Ministry ‘of | Interior... ......L.. 4,949,616 Shooting and fishing permits. ..... 1,250,000 al rn SE 3s 655,000 Posts and telegraphs............. 5,815.823 Tot th ls Dinan Revenue Expenditure Part IV. — Monopolies : Poli d constabu da ae ,879,736 Salt, tobacco, match monopolies. . . 20,180,000 olicgsan n lary 14,379.73 0INS |e vie ee ae alls 50,000 Posts, telegraphs, and telephones... 7,570,000 Foreion Affairs .................. 2,583,288 Total! tl... dR 27,800,000 PART V. 2 Sinte Industrial Ex- TOSS re da ri le eee iagian sxe ntl oh 4 616,688 ploitations : Revenue from schools and agri- his : cultural, veterinary, and industrial Health and poor law administration 4,860,205 institutions .. ii os 5 . Yi % ae 700,000 Revenue from public hea rec- yo tion, sanitary establithaents, (ood Religions. ....... ese rn : 1,687,401 government quinine ......... i 70,000 Navy and government printing wor 150,000 . i pow ea sso,000 Justice ............ 6,013,722 Government share in Orjeneal Rail- way, Angora-Sivas railways re- 3 ceipts . uv. Ee snes 250,000 Education .......... 7,742,508 Tofal.h i ois 1,720,000 Public works ...... 19,667,285 Part. VI. — State Domain : Revenue from government property, government forests, articles, and Commerce .......... 3,270,403 from Konia Plain irrigation. ... .. 14,965,000 DE National defense ..... 43,058,874 Part VII. — Sundry Revenues : Treasury operations, etc. ......... 8,060,000 —_— LA NAVY eat oh us 5,310,380 ® Part VIII. — Restitutions : estitution from Soma-Panderma i Railway, cic. v0 Roi 671,352 Reconstruction ...... 6,030,243 Part IX. — Consumption taxes : Agriculture"... .... Lo 6,555,421 Cigarette paper, petroleum, sugar, tea, etc. .. 2 etna : : 58, ge 26,360,000 Military factories ............ 0 4,272,273 PART X. — Extraordinary revenue : Extraordinary war revenue........ 2,000,000 Receipts from new sources. . Leen 500,000 2,500,000 Grand “total... .... 153,046,854 Grand total......,... 183,932,767 B. — Import and Export Statistics Year Imports Exports Balance (in Turkish pounds) 0923. citi ivinmrens 144,788,671 84,651,190 — 60,137,481 1924 (1st 6 months). ... | 15,547,315 71,040,090 — 44,507,225 UNITED KINGDOM A. — Budgetary Statement Year Revenue Expenditure Balance (in pounds sterling) 1922/23... ... 914,012,000 812,497,000 + 101,515 1923/24........ 837,169,000 788,840,000 -+- 48,329 1924/25... .... ceva 799,436,000 795,777,000 + 3,659 1925/26... Li am 801.060,000 799.400.000 + 1,660,000 a ne 0 PL wet The final balance sheet for 1925-26, after alterations proposed by the Chancellor of the Exchequer, is given below : Revenue Expenditure Customs. LLL LLL LLL 202,040,000 Consolidated fund service : EXCise | he ee fms ane i 1 37,220,000 : i So eae er ETO ROO nl Jeht Servien. suns ep ons SER 090.000 Estate and other duties........... 66,500,000 Payments to local taxation ac- a Stamps .......00i ieee. 24,000,000 Contes, ena ER 13,329,000 Land tax, house duty and mineral Payments for northern Ireland rights duty Lote. aie oT 1,000,000 residuary share .............. 4,000,000 Incomeitax .. Will louie Lule ols (+1. 262,000,000 Land settlement - . waa iis 700,000 Super-tax | I 63,300,000 Other consolidated fund services 2,000,000 Excess profit duty ................. 4,000,000 ? 3 Corporation profits tax ........... 9.000,000 Total consolidated fund services.... 391,929,000 Total receipts from taxes.... 686,560,000 Supply services : Bost iOffice (i e 57,000,000 Army ........................ 44,500,000 Crown ‘Lands ti. Li 900,000 Navy ........cocvivieinnnn.... 60,500,000 Interest on sundry loanms.......... 12,600,000 Air force eine gle olan a 15,513,000 Miscellaneous : Civil SCTVICES: vais sein vale wale oii? 222,609,000 Ordinary receipts oh ivicie «ole sea inle « 14,000,000 Customs and excise, and inland Special receipts ............... 30,000,000 revenue departments .......... II,391,000 Si TH Post’ office services ........... 52,958,000 Total receipts from non-tax . i pil, revenue LLL LLL LL LLL LUT T4,500,000 Total supply services........ 407,471,000 Grand total. ......... 801,060,000 Grandi'total..... 5... . 799,400,000 Reference: Financial Statement (1925-26); various financial publications issued in London. B. — Import and Export Statistics Year Imports Exports Reéxport Balance (in pounds sterling) 1922. ............. 1,003,098,899 719,507,410 103,694,670 — 179,896,819 1923. ............. 1096,226,214 767,257,771 118,543,805 — 210,424,608 1924. ............. 1279844597 795,364,581 140,148,957 — 344,331,059 1925 (Ist 5 months) . . 566,569.893 333,765,980 66,848,886 — 65.955.027 UNION OF SOVIET SOCIALIST REPUBLICS A. — Budgetary Situation The fiscal year of the U. S. S. R. runs from October to November. For all years given below the Far Eastern Region and the Transcaucasian Soviet Federation of Socialist Republics (Georgia, Azerbaidjan, and Armenia) are included : Year Revenue Expenditure Balance : (in millions gold roubles) 1922/23..." 1,056 1,418 —362 1923/24..." 1,570 1,750 + — 180 1924/25... ...... 2,558 2,558 - 3€ The details of the 1925 budget, approved and sanctioned by the Central Executive Committee and by the Council of the People’s Commissariat, appear below : Revenue Expenditure A. — Ordinary revenue : A. — Ordinary expenditure : 1. Direct taxes : 1. Departments and State Institu- ti of the Union, except a) Collective land tax...... 255,000,000 os Commissariat of the b) Tax on exploitation of en, People for Post and Teleg- 1 Balural riches’... .... Som raph; \ Srelotively 535 the RACOMEe (AX. ... ev vevewevin y ’ ommissariats o e People 2 Tax on fund revenue.... 8,500,000 for Han and re e) Collective extraordinary tax 18,000,000 War fand Navy.’ 0 00% 65,403,300 f) Inheritance and other Commissariat of the People direct taxes .......... 229,000 for Post and Telegraph... 88,400,000 a Commissariat of the People 442,729,000 for Communications ...... 855,000,000 Commissariat of the People 2. Indirect taxes : for War and Navy ...... 417,647,000 a) Excised. i enss 443,000,000 ~- L b) Customs ~........... 22. 82,500,000 2. Unified departments and In- = Gal stitutions of the U.S.S.R. 525,500,000 and allied republics ...... 124,829,537 3. Non-unified departments and 3. SegHDs and other taxes and 100,655,000 institgons of the allied fete fli CT Hi republics... 0 Je het 253,092,766 Total of taxes...... 1,068,884,000 4. Reserve funds ....... . 84,773,000 5. Subsidies funds .... , 48,036,553 4. Rs from posts and tele- 3% 400.000 6. Transactions of the . "¥Y 175,455,000 5: Receipts ‘from transports S5%.000,000 Total of ordinary expenditure 2,112,637,156 6. Receipts 0 domains and B. — Extraordinary expenditure : state enterprises : a) Biste industry and com- 36,343,000 LoIndustry o.oo. L000 CS Ean 109,918,000 5) BRREINe er, 20,050,000 2. Agriculture aera, 75,602,000 C)oToresty so LL) Lara dn 60,154,000 3. Relief to populations overcome d) Subterranean ns this eile 5d 8,001,000 by disasters (famine)..... A 62,425,000 e) Ohep domains and enter- 15,900.000 4. Organisation of public works 6,000,000 PIERS er ease ti 5,900, 5. ‘Municipal ‘credit. ........... 34,500,000 7. Refunds to 'state,..........." 25,645,000 6. Electrification... cuit 41,973,000 8. Miscellaneous income ........ 7,634,406 ? Ygancial Ysconstruction 5,000,000 Si 8.:Cooperation. ... 0. lu lio. 12,000,000 Total of revenues other 9- Repaation Worse a Lenin than taxes.......... 1,165,627 406 noe w : Hoodie, i) e— 12,000,000 Total of ordinary revenue. . 2,234,511,406 10. Relief consequent upon disas- ters caused by force majeure B. — Extraordinary revenue : ia She S regions of the | ai, rade Fe Su Ba ida aii 500,000 I. Conversion of state funds. ... 23,000,000 11. Relief consequent upon disas- 2. Credit transactions : ters caused by force majeure a) 2nd loan with shares. ... 31,000,000 in T.S. F.S.R. (Trans- b) Internal 8 9% gold loan. . 30,000,000 CAUCASIAY |... To 2,000,000 3 Tad Joa) Sioa aieieiene ay 50,000,000 12. Extraordinary expenditures of erlogns ..,... L000 30,000,000 je autonomous R. S, S. of : . TNT arela TRE 2 Total of credit transactions 141,000,000 : HM 336,250 5 3. Mintage of silver and copper. . 80,000,000 Total of extraordinary expenditure 365,874,250 2 Total of extraordinary receipts 2 44,000,000 Expenditure on Government stocks : > Outi stocks : en Ordinary: ...0 000 in 28,383,648 TRAIN cio ve wie ale snarl 45,014,528 5) Extraordinary... .. 0..." 51.630,880 b) Extraordinary ... ae. hs 35,000,000 80,014,528 Grand total.......... 2,558.525,034 Grand total.......... 2,558,525,934 i References La Vie Economique des Soviets (monthly publication issued in Paris by % e Commercial Delegation of the Soviet Government); Segal and Santalov, Commercial ear Book of the Soviet Union (London, Allen and Unwin, 1925). B. — Import and Export Statistics Year Imports # Exports Balance (in 1,000 roubles at 1913 prices) 1922 aN 273,807 81,621 — 192,186 YO2B i Sn 144,056 205,818 + 61,762 | R00 A RS Se 217,690 302,633 + 84,943 1925 (Ist 2 months). ....... 42,300 43,500 +4 1,200 References: Segal and Santalov, as cited, pp. 209-328; The Soviet Union Review, March 28, 1925, p. 254, and April 25, 1925, p. 330. APPENDIX 1 Distribution of Public Expenditures in proportion to the totals of the Budgets of European Countries * Public Debt Public Instruction Army and Navy Other Expenditure Austria: le ah A a 17.22 5.70 2 7.59 69.49 Belgiumll. . 00 ee 29.68 5.3 10.58 54.44 Bulgaria’... 0 ele Sek lee vl 29-29 9.8 17.39 52.52 Czechoslovakia ............c..... 13.20 5.0 11.32 70.48 Denmark iets. olen ia telat tare eh aiter w 7.28 14.3 14.53 63.89 Esthonial oi he nine shiva ho 5.13 9.8 22.93 62.14 EAnIAnd bn Ee A Coa Lh 8.20 9.6 13.13 69.07 ER I 56.19 5.2 14.19 24.42 ¢Nationaliidebt .i....". 2.1 LEMany icp enarations |i... sl-ix-s 4.0 3-1 Greece i ie on ea LL 22. 1B 2.36 8 27.86 8 47.31 HUDZATY. «te ho liao Gl alisha of 7.35 89 2 9.56 74.19 Irish Free State ©. Lh .Lh LL Lh 5.00 Tealyl 0 a RE I 20-42 6.3 - 19.29 44.99 iatoian ih ibe BRR an he 9.87 28.13 Lithuania zl ar eta .02 12.74 20.00 67.24 Luxemburg... 00a Git 19.20 10.41 Netherlands)... 0... nw, 16.63 20.82 15.18 47.37 Otway art fn 20. 58 13.57 2 11.90 43.95 Poland i. Lal a Ce 14.86 33-39 Portugal |. aC 22.00 9.23 28.94 39.83 Roumania’ ec... - ssh ie. 11.00 6.77 14.00 68.23 Serb-Croat-Slovene' State ......... 6.29 18.87 Spain’. LE 25-10 5.76 20.10 49.04 Sweden: rr hi 17.7 * 20.30 Switzerland | Gian LL AR EE 38.2 5 3.3 28.13 30.35 TREReY. | Lr Ea RL CL, 7.50 4.20 28.50 59.80 United: Kingdom il... LL WLLL LEER 44.40 13.13 U.S. 8 Ri 16.71 # The figures do not include goods sent into Russia for famine relief and to charitable institutions. 1. In instance where the percentage applied to the public debt or public instruction is not given, sufficient data were not available to show the proportion. It should be understood that the percentages as given are not absolute. Several items in a given budget, for example, may be really a part of the army and navy or public debt expenditure but are not listed as such under one general heading. 2. Includes expenditure for church affairs. 3. Budget for 1924-25. 4. Includes archives, libraries, museums, universities, schools, clergy, churches, etc. 38 ee ER LL APPENDIX II Exchange Rates Current between the Countries of Europe and the United States : average for the month ending July 10, 1925. Value Value Country Currency in cents Country Currency in cents Austria wo... wo Schilling... . 14.05 Belgiom...... 000 t MBFranc 4.6 Luxemburg ............ Franc vale ies ir 0 Bulgaria... ..0c. ei. Bieva 1 071 Netherlands .......... Florin slyaienm dit ACT Czechoslovakia ........ Crown ...... 3.0 Norway... LMR rene SE TA Denmark... 000 BBR rone | 19.7 Poland to . ou Zloty i..\.... 10.1 Esthonia: '....... ever BBMark .... 00" .265 Portugal is. ...... 0.0 Escudo, ..... 5.0 Finland... 00 0 MME 2.5 Roumania'™®,........0x Lali. +5 France ...... ivesns-BBFranc. oo... 4.7 Serb-Croat-Slovene State Dinar .. . aie 1.7 Dermany .......0..0 8 Mark ... i. 23.8 Spain ................ 0 Peseta |..." 14.6 Greece .......0 0 MB Drachma .. .. 1.6 Sweden ,.......... ‘SR rone Saar 36,8 Hungary ....000 0 BR one. .o14 Switzerland ........... Frane........ ‘9.4 Irish Free State ...... $l LT es6 [Turkey |, 0 in Ly Piastre |"... .539 aly Rs 3.7 United Kingdom....... EY sairiain sui 4806.1 Latvia lo Bat rn wale erate 103 U.S. 8 RR. ...........WChervonetz Lithuania .:......... . Vf .. rece YOO (ro gold roubles) 515.0 Publications of the Reference Service on International Affairs Present Status of the Post-War Settlement. (Bulletin N° 1, July 1, 1924. 12 pages). Present Siatus of the Armament Problem. (Bulletin N° 2, September 15, 1924. 11 pages.) Summary of Source Malerial. (Bulletin N° 3, October 25, 1924. 12 pages.) Indicates the principal publications issued by international organizations and by the American, British, and French governments. External Governmental Indebtedness. (Bulletin N° 4, December 26, 1924. 48 pages.) A concise survey of the external debt of all independent states. Arbitration and Judicial Settlement of International Differences. (Bulletin N° 5, March 31, 1925.) A survey of arbitral development since 1794, with special emphasis placed on arbitration treaties concluded since the World War. International Position of the Union of Soviet Socialist Republics. (Bulletin N° 6, June 30, 1925. 36 pages.) A survey of the diplomatic relations of the Moscow Government, the organization of its diplomatic and consular services, together with appendixes giving the texts of notes of recognition, a list of treaties concluded to date, and the Russian policy of the Government of the United States. : Budgets and Visible Commercial Balances of European countries. (Bulletin N° 7, August 15, 1925. 40 pages. Gives the global revenues and expenditures of all European countries from 1922, together with an intemized account of the budget for the current fiscal year. Also visible commercial balances from 1922 to 1925. European Political and Economic Survey. Beginnin in September 1925, this survey will irvey. Beginning in Sep 2Ppear on an average of three times a month. It is intended to cover accurately and impartially current economic and political events of international importance. The subscription price is ten dollars a year. Subscribers receive in addition the bulletins issued by the Reference Service. Separate subscriptions to the bulletins alone cost one dollar and fifty cents a year. The Lecram-Press, 41, roe dos 3-Boracs. Pacie. 3G B. — Import and Export Statistics Year Imports Exports Balance (in florins) 1922... ... 0s xv uns mnie» BR2,034,740,769 1,256,710,483 — 778,030,286 1923... . soi. 4 . 2,024,808,485 1,315,484,414 — 709,324,071 1924. ............... 2378,100,800 1,802,233,707 — 575,867,093 1925 (Ist quarter) .... 627,053,941 435,705,849 — 191,348,092 Reference: La Statistique du Commerce des Pays-Bas avec les Pays étrangers publiée par le Bureau Central de Statistique a la Haye. NORWAY A. — Budgetary Situation The Norwegian fiscal year runs from July 1st-June 30th. Until this fiscal year the budget consisted of two arts, an ordinary and an extraordinar yY g Pp y budget. This form is now replaced by a budget which distinguishes between expenditures and receipts connected with arrangement and administration of state Institutions and those connected with the national capital. Year Revenue Expenditure Balance (in Norwegian crowns) 1922-1923... census 362,922,900 453,810,300 — 90,887,400 1923-1924 (budget). ...... 551,580,000 551,580,000 —_— 1924-1925 (budget)...... .... 631,380,000 631,380,000 —_ 1925-1926 (budget proposal).. . .. 427,600,000 427,600,000 — BUDGET Project for 1925-1926 I. Administration Revenue 1. Administration Expenditure i A) Ordinary Revenue : A) Ordinary Expenditure : Tr. a Taxes and dues i... a... 0: 328,186,115 ¥.. The Royal House ........... 858,000 2, SDues and fees ot. donno 6,682,050 2. The Government and the State 3. [Reimbursements ............ 5,417,706 Secretariat... aa 641,398 4. Receipts from state establish- 3. The Parliament (Stortinget ments sunny dnin via dennis 17,872,028 and State auditing dept.) 3,017,125 5. Miscellaneous receipts ...... 7,437,898 4. #Supreme Court .......0. ... 424,000 6. Interest and profit on stocks. . 7,910,150 5. Dept. of Foreign Affairs. ..... 4,334,920 — = 6. Church and Public Instruc- Total.......... 373,506,847 Den A 59,337,454 : Ze ept, of Justice............ 17,202,500 o iB) Profit on State works and funds 8. Dept. of Public Welfare. . ... 38,492,165 1 7. State railways ............. 8,822,400 Dept. of Commerce, Naviga- 3. Postal Service ............... 1,560,000 9- iy FN avig : tion, Industry and Fisheries 15,056,625 9.. Telegraph Service .......... 2,889,000 10. Dept. of Agriculture I5.182.1 ro. State Power Works, etc. ... 1,830,100 iI. Oy ol Public Works... hs Sed 11. Silver mines at Kougsberg. . .. 278,500 12% Pe of Finance and Custonis 5,750,063 t.. The mint-works at Kougsberg 5,081,800 : pt. (whereof 100,647,038 for 3. State forests... cide 536,541 the National Debt) 126,352,607 14. Various other state properties 18,600 23. Dept. of Defense '., ...... : 51.085 344 ts. Funds of the Church Dept. 1.485.400 14. ‘Miscellaneous: .. ., 2, tlic 19,367,126 Total 396,000,188 - Total.......... 368,032,502 II. Revenue from Capital ; : 1. Contributions, repayments, etc. 1,699,600 11+ Capital Expenditure 2. Receipts derived from State 1. For state establishments (new loans. ..,. 0, Leeann ats 15,000,000 construction, etc...) ...... 29,370,000 3. Balance on hand in Treasury 14,891,212 2. Redemption of national debt 30,197,498 Grand ‘total... 0 427,600,000 Grand total.......... 427,600,000 Reference: F inans-og Tolldepartementet : St. prp.nr. 1 (1925) om kongeriket N orges statsbudgett for budgetiaret |ste juli 1925 til 30te juni 1926. 2E