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.