17 FEBRUARY 1906, Page 2

The new German financial reforms seem to be making slow

progress. A little while ago the proposal to increase the Excise upon beer and tobacco was rejected, and last week the Budget Committee of the Reichstag rejected or amended nearly all the proposed new Stamp-duties concerned with the freightage and carriage of goods. Of the wide scheme of new taxation which was to yield 'an additional 212,500,000 of income, there remain intact only the new Imperial Death- duties. Small wonder that the Imperial Treasurer, Baron von Stengel, complained bitterly of the opposition of representa- tives of commerce to fresh taxation which was meant to enlarge the opportunities for industrial prosperity. The reply of his critics was that the preservation of peace was one thing and Weltpolitik another, and that there was no reason to believe that the latter did any good to trade. Some com- promise will no doubt be arrived at, but, as we hinted when the new Budget was published, the groups which have the casting vote will exact their price.