The formidable deficit is met principally in three ways.
This created a deficit, which they repaired by doubling the duty on inhabited houses.
1888 there was a deficit of E.
To grapple with this deficit, James Wilson was sent out from the treasury as financial member of council.
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.
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.
" This commission proved the deficit of the year to be £T4,370,000.
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 accounts for the year ending 30th of June 1907 showed a deficit of £640,455.
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.
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.
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 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.
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.
Ferrara, successor of Scialoja, met a like fate; but Count Cambray-Digny, finance minister in the Menabrea cabinet of 1868-1869, driven to find means to cover a deficit aggravated by the interest on the Venetian debt, succeeded, with Sellas help, in forcing a Grist Tax Bill through parliament, though in a form of which Sella could not entirely approve.
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.
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.
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 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.'
Per milreis (the official valuation adopted in 1906), the budget for 1907 provided for a revenue of 353,590,593 milreis and an expenditure of 409,482,284 milreis, showing a deficit of 55,891,691 milreis.
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.
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.
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."
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.
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.
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.
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.
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.
The result was that while there was a deficit on the budget of 1904-1905 of £731,000, the budget of 1905-1906 showed a surplus of £5161.
This actual deficit on the lands owned by the university steadily increased up to 1881, when, after the trustees had refused (in 1880) an offer of $1,250,000 for 275,000 acres of pine lands, they sold about 140,600 acres for $2,319,296; ultimately 401,296 acres of the land turned over to the university by Cornell were sold, bringing a net return of about $4,800,000.
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.
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.
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 deficit in the treasury made it inevitable that the gold reserve should be used to meet current expenses.
If it exceeds this, the stock of fresh water held in the interstices of the rock, and capable of flowing towards the well, must disappear; and the deficit between the supply and demand can only be made up by water filtering from the sea and reaching the well at first quite free from salt, but sooner river water whatever.
Under the stress of the appalling financial conditions represented by chronic deficit, crushing taxation, the heavy expenditure necessary for the consolidation of the kingdom, the reform of the army and the interest on the pontifical debt, Sella, on the 11th of December 1871, exposed to parliament the financial situation in all its nakedness.
In view of the severe monetary crisis of 1893 he was entrusted by Crispi with the portfolio of finance (December 1893), and in spite of determined opposition dealt energetically and successfully with the deficit of more than £6,000,000 then existing in the exchequer.
Turgot's measures succeeded in considerably reducing the deficit, and raised the national credit to such an extent that in 1776, just before his fall, he was able to negotiate a loan with some Dutch bankers at 4%; but the deficit was still so large as to prevent him from attempting at once to realize his favourite scheme of substituting for indirect taxation a single tax on land.
It was there stated that, on the most favourable estimate, the normal deficit of the Turkish treasury was T2,725,000, (upwards of £T,1,700,000 below the truth as now declared.) and the following observations were appended: " This budget represents the normal situation of Ottoman finance; it does not tally with the budget published in 1897, which was prepared with a special object in view, and was obviously full of inaccuracies, nor indeed does it agree with figures which could be officially obtained from the Porte.
Before it he exposed the deficit in the treasury, and proposed the establishment of a subvention territoriale, which should be levied on all property without distinction.
He chiefly had borne the brunt and won the laurels of the unprecedented fight against deficit in which Italy had been involved since 1862.
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.