* * * * The policy of economy over which
the President has thus thrown a shield is extremely important. According to the Berlin correspondent of the Daily Telegraph the deficit on the Budget of the present year is expected to be between pt3,000,000 and 245,000,000. The estimated deficit for next year is £50,000,000. A Sinking Fund based on a " Transition Loan " is provided. The salaries of the Chancellor and Cabinet Ministers are to be reduced by ten per cent and the salaries of all other Reich officials by six per cent. The salaries in the States and Communes will be similarly reduced. Altogether, the reductions in official salaries throughout Germany are estimated to amount to £11,000,000. There is also to be a saving of £14,500,000 on the transfers from the Reich to the States and Communes. The Departmental estimates are to be reduced by £15,000,000, and there are to be increased tobacco duties and surtaxes of five per cent, on bachelors and spinsters.
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