The Times of Wednesday published a summary of the Japanese
Budget for the new fiscal year, which is to be presented to the Diet on January 21st. There is a consider- able increase in the figures, mainly owing to the closing of the extraordinary military accounts, and the provision for interest on the price of the nationalised railways. On the current year there is a large surplus of revenue over expenditure, some of which will be used to meet certain supplementary outlays in the coming year. The new Budget balances at R81,100,000. Ordinary expenditure reaches the figure of £41,200,000, extraordinary expenditure of R19,900,000. The chief items of revenue are :—Ordinary revenue, £42,400,000; surplus from the current year, £3,000,000; surplus from military expenses, £10,000,000; reproductive loans for home purposes, £3,100,000; and miscellaneous items, £2,600,000. For a country not two years rid of a great war, the Budget seems modest and satisfactory. The reports of foreign and domestic trade are excellent, and the earnings of the nationalised rail- ways are steadily increasing.
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