- 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 
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Tot