Budgets and visible commercial balances of European countries 1922-1925

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Monograph

Identifikator:: 1744852030

URN:: urn:nbn:de:zbw-retromon-117951

Document type:: Monograph

Title:: Budgets and visible commercial balances of European countries 1922-1925

Place of publication:: Paris

Publisher:: Reference Service on International Affairs

Year of publication:: 1925

Scope:: 39 S.

Digitisation:: 2021

Collection:: Economics Books

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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.

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