The financial year 1862 closed with a deficit of more thai 16,000,000, which increased in 1866 to 28,840,000 on account 0 the preparations for the war against Austria.
Excepting the in creases of deficit in 1868 and 1870, the annual deficits tended thence forward to decrease, until in 1875 equilibrium between expendituri and revenue was attained, and was maintained until 1881.
The financial situation continued to be em iously embarrassing; deficit was piled on deficit, loan upon res fn, and the service of the debt rose from 9o,ooo,ooo lire in th 60 to 2?O,000,000 in 1864.
With Finance taxation screwed up to breaking point on personal and real estate, on all forms of commercial and industrial activity, and on salt, flour and other necessaries of life; with a deficit of 8,500,000 for the current year, and the prospect of a further aggregate deficit of Li ~,ooo,ooo during the next quinquennium, Sellas heroic struggle against national bankruptcy was still far from a successful termination.
As finance minister in the Rattazzi cabinet of that year he had been confronted with a public debt of nearly 120,000,000, and with an immediate deficit of nearly 18,000,000.
By economies and new taxes Sella had reduced the deficit to less than 2,000,000 in 1871, but for 1872 he found himself confronted with a total expenditure of 8,ooo,ooo in excess of revenue.
By dint of expedients he gradually overcame the chronic deficit, and, owing to the normal increase of revenue, ended his term of office with the announcement of a surplus of some 720,000.
As most of these credits were spread over a series of years, succeeding administrations found their financial liberty of action destroyed, and were obliged to cover deficit by constant issues of consolidated stock.
Thus the deficit of 940,000 for the financial year 1885-1886 rose to nearly 2,920,000 in~ 1887-1888, and in 1888-1889 attained the terrible level of 9,400,000.
The management of finance was scarcely satisfactory, for though Giolitti, who had succeeded Magliani and Perazzi at the treasury, suppressed the formers illusory pension fund, he lacked the fibre necessary to deal with the enormous deficit of nearly 10,000,000 in 1888-1889, the existence of which both i Perazzi and he had recognized.
Baron Sidney Sonnino, minister of finance in the Crispi cabinet, found a prospective deficit of 7,080,000, and in spite of economies was obliged to face an actual deficit of more than 6,ooo,000.
Notwithstanding the advance of £160,000 made by the four protecting powers after the institution of autonomous government and the profits (£61,937) derived from the issue of a new currency in 1900, there was at the beginning of 1906 an accumulated deficit of £23,470, which represents the floating debt.
The situation went from bad to worse, the deficit in the budget increased, the gendarmery, which received no pay, became insubordinate, and crime multiplied.
The raw materials used in the manufacture are: (I) iron-free kaolin, or some other kind of pure clay, which should contain its silica and alumina as nearly as possible in the proportion of 2SiO 2: Al203 demanded by the formula assigned to ideal kaolin (a deficit of silica, however, it appears can be made up for by addition of the calculated weight of finely divided silica); (2) anhydrous sulphate of soda; (3) anhydrous carbonate of soda; (4) sulphur (in the state of powder); and (5) powdered charcoal or relatively ash-free coal, or colophony in lumps.
The formidable deficit is met principally in three ways.
Moreover, in order to meet to some extent the deficit arising as well from the accumulation of arrears of state departments since 1300 (1884) as, to a large degree, from gross deficiencies due to the neglect of the civil officials of the government to encash the revenues - to meet, further, the needs of the central administration, and above all, the urgent military expenses of the empire, and to provide a guarantee for bankers and merchants in business relations with the government and the treasury, part of the revenues of 1304 were perforce spent in 1303.
" This commission proved the deficit of the year to be £T4,370,000.
The expenditure was arrived at in the manner previously described - and when the general budget came to be made up the severest pruning was found necessary, the original demands of the various ministries and departments having resulted in a deficit of upwards of £T 9, 000,000.
Fresh negotiations were also undertaken to increase the importduties by a further 4% in order to balance the deficit shown in the budget.
£T30,270,246 This deficit was increased, by the action of parliament, to £T9,678,000.
Almost immediately after the budget was drawn up a change of government took place, and largely owing to this fact the parliamentary budget commission introduced various modifications on the expenditure side of the account, which increased the estimated deficit to the account just mentioned.'
The figures were as follows: Ordinary expenditure, £ T 3 2, 997, 000; extraordinary expenditure, £T2,696,000; revenue £T26,015,000, leaving a deficit of £T9,678,000, which was brought up to over £T10,500,000 by special credits for the pension fund, the payment of debts incurred by Abdul-Hamid and indemnities to officials.
On the other hand, the minister of finance reckoned that the revenue would probably show an increase of £TI,Soo,000, while about £T2,000,000 of expenditure would remain undisbursed, which, with a reserve of £T2,000,000 from 1909, would reduce the deficit to roughly £T5,000,000.
The principal head in the allocation of this loan was the purchase of the railways in the two colonies at a cost of £13,520,000, while an additional £5,958,000 was devoted to the building of new lines, purchases of rolling stock, &c. The debt of the South African Republic was paid off; £542,000 went to make good the deficit on the administration for 1901-1902; the sum of £1,561,000 was paid to burghers of the Cape Colony and Natal as compensation for war losses; £3,000,000 was devoted to land settlement schemes and £2,000,000 to public works other than railways.
At Antonelli's death the Vatican finances were found to be in disorder, with a deficit of 45,000,000 lire.
In spite of shortsighted parsimony in the matter of schools, &c., and increased resources through the allocation to the municipality of a certain percentage of new state and provincial taxation, their anti-Semitic successors have been unable to avoid a deficit, and have been obliged to increase the rates.
This created a deficit, which they repaired by doubling the duty on inhabited houses.
A considerable deficit, of about £16,000,000, was in prospect, and the chancellor of the exchequer aroused misgivings by alluding in a speech to the difficulty he had in deciding what "hen roost" to "rob."
36, 49 in the Laurentian library) had a gap at the beginning of the line and only the end words "uetus est tutela draconis," with the marginal note "non potuit legi in exemplari hoc quod deficit," and that Neap. 268 gives the line as follows, "non potuit legi uetus est tutela draconis."
Militarism may account for much of the tremendous deficit under Urban VIII.; but the real cancer was nepotism.
The stoppage of payments from Bourbon countries during the Jesuit struggle brought the annual deficit to nearly 50o,000 scudi.
Until 1871 the surplus derived from the colonial budget had been turned into a deficit, and the necessity of imposing fresh taxes to meet the war expenses has led to the downfall both of individual ministries and of cabinets.
The chief reason for this act was that the state could not meet the obligations laid upon it under the new system, and the responsibility for any deficit now rests with Prussia.
So far as the imperial expenses were not covered by these sources of revenue, until imperial taxes were introduced, the deficit had to be covered by matricular contributions paid by the individual states in proportion to their population.
Each year a large sum would be paid to the states from the imperial treasury, and another sum as before paid back to meet the deficit in the form of state contributions.
The credit of the state has risen, the chronic deficit has disappeared, the currency has been put on a sound basis, and part of the unfunded debt has been paid off.
If a surplus remained to the Caisse after making good such deficit the surplus was to be divided equally between the Caisse and the government; the government to be free to spend its share as it pleased, while the Caisse had to devote its share to the reduction of the debt.
During the four years 1883-1886, both inclusive, An era of the aggregate deficit amounted to E.2,606,000.
1888 there was a deficit of E.
The Sudan was an integral part of the khedives dominions, and caused, even in ordinary times, a deficit of 200,000 to the Egyptian treasury.
To grapple with this deficit, James Wilson was sent out from the treasury as financial member of council.
In Greece and Rumania it is exceptionally high, and in some Oriental or semi-Oriental countries it is said to give place to a deficit, though in the latter case the returns are probably not trustworthy.
Electric charge consists, therefore, in an excess or deficit of negative electrons in a body.
He at once applied himself to moral and administrative reform; declared against nepotism, introduced economy, abolished sinecures, wiped out the deficit (at the same time reducing rents), closed the gaming-houses, and issued a number of sumptuary ordinances.
The Rattazzi cabinet fell before Sella could efficaciously provide for the deficit of £17,500,000 with which he was confronted; but in 1864 he returned to the ministry of finance in the La Marmora cabinet, and dealt energetically with the deficit of £8,000,000 then existing.
In spite of reduced expenses, a highly estimated revenue, and the contemplated raising of taxes, there was a deficit, for the payment or discharge of which the government would be obliged to demand supplementary supplies.
He desired that it should be applied to a fund for insurance and old age pensions for workmen and old people, to the lightening of the municipal taxes by state contributions to the schools and workhouses, to the abolition of the land taxes and of the obligation of keeping a horse and man for military service, and, lastly, to the improvement of the shipping trade; but the Riksdag decided to devote it to other objects, such as the payment of the deficit in the budget, the building of railways and augmentation of their material, as well as to improvements in the defences of the country.
In the United Kingdom the chancellor of the exchequer, usually in April, lays before the House of Commons a statement of the actual results of revenue and expenditure in the past finance year (now ending March 31), showing how far his estimates have been realized, and what surplus or deficit there has been in the income as compared with the expenditure.
Year by year Republican- the budget showed a deficit, and the indebtedness ism and of the state increased.
On taking office, he was confronted with a deficit in the revenue, which he successfully cleared off by effecting a conversion of a greater part of the state loans.