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