The German Imperial Budget was expounded by the Imperial Treasurer,
Baron von Stengel, in the Reichstag last Saturday. During the current financial year there had been a decline in the revenue from Customs of over £700,000 as compared with last year ; but this was balanced by an increased yield from the Sugar Excise-duty, due to the working of the Brussels Convention, of nearly the same amount. Under the system of matricular contributions a sum of £1,187,500 would be required from the separate States to cover a deficit in the appropriated revenues. With regard to the Estimates for next year he drew a gloomy picture. It had become necessary to place among the extraordinary Estimates, which are covered by loans, certain expenditures which ought rightly to belong to the ordinary Estimates, such as a sum of 22,312,500 for supplying the Army with new weapons. Otherwise the deficit on the ordinary Estimates would amount to over £6,000,000. The loan credits necessary would amount to 214,650,000, a large part of which would be absorbed by South-West Africa. One proposal for reform was an addition to the matricular contributions from the States—a scheme which is not likely to be successful—and the Government is said to be contemplating an increase in the taxation of beer and tobacco, which would be a highly unpopular measure. The truth is that to impose fresh taxation in Germany is very difficult, for the simple reason that the people are taxed up to the limit for Protective purposes ; while the present method, short loans to meet ordinary deficits, is the last word in unsound finance.
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