The estimated deficit of £11,987,895 in the German Imperial finances
has been reduced to £6,323,015. The official statement explains that this result is due to an unexpected increase in revenue of £3,633,938, and also to a nominal reduction of expenditure of upwards of £2,000,000. Economies have been effected in the Post Office and in the management of railways, both Departments closing the year with a balance in their favour. The increase in revenue is accounted for almost entirely by the proceeds of Customs taxes and dues, but, as the Berlin correspondent of the Times points out, it is difficult to draw definite conclusions from this increase. The Estimates were compiled before the reform of the Imperial taxation was completed, and the sum put down for the anticipated proceeds of the new taxes can only have been a rough guess, since at the time the compilers of the Estimatha did not know what form the new taxes would take.
