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. 
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