25 JULY 1896, Page 3

The revenue and expenditure returns of the German Empire for

1895-96 show a surplus of nearly 12,000,000 marks, or £600,000, over the estimates, and this though a sum of 13,000,000 marks for reduction of the National Debt was part of the expenditure. Again, the " matricular contributions" of the Federal States have been "more than repaid to them out of current receipts." This will make the States feel that they actually benefit by the Empire. Dr. Miguel intends to devote his surplus to increasing the pay of the officials and officers in the Imperial service. The French Minister of Finance may well envy the equilibrium of his rival's Budget. France is infinitely richer than Germany, but to have "free cash in hand" is a sensation unknown to her Chancellor of the Exchequer.