REVENUE AND EXPENDITURE.

399

Revenue and Expenditure.

The revenue of the kingdom is raised by a system of direct and indirect 'taxation, stamp duties, Government monopolies, and income from state property. The direct taxes are imposed on landed pro- perty, houses, live stock, industry, commerce, registration acts, titles of nobility, mortgages, and mineral produce. The indirect taxes are derived from foreign imports, articles of consumption, tolls, bridge and terry dues.

The budget for the financial year commencing July 1, 1868, and ending June 30, 1869 j was as follows :— Sources of Bevenue. Direct taxes . * . Indirect taxes

Stamp duties . State property Colonial revenue . Miscellaneous receipts

Total .

Branches of Expenditure Civil List ......

Cortes .......

Public debt

' Compensations' .....

Pensions ......

Ministry of President of the Council

„ Foreign Affairs .

„ • Grace and Justice

War

,, Marine ....

,, ■ Interior ■. *

„ • Public Works . » .

,, Finance ....

„ Colonies ....

Expenses on account of sale of National property ......

Total .

&

7,037,800 4,788,470 8,284,090 4,257,377 1,339,010 140,000

25,846,747

£

458,500

23,970

6,735,583

154.282

1,635,305

68,842

138,245

2,110,940

3,966,712

858,544

918,907

1,893,991

4,451,609

15,166

3,134,186 26,564,787

According to these budget estimates, voted by the Cortes early in the year 1868, there was to have been a deficit of not more than 718,040Z. in the financial year ending June 30, 1869. The actual deficit, as reported by the Minister of Finance of the Provisional Government of Spain to the Cortes Constituyentes, amounted, at the end of the year 1868, to 24,906,866/., being a difference of 24,188,826/. in. excess of the .estimates.

Both the budget estimates for 1866-67 and for 1867-68 showed

a surplus, but there was an actual deficit in each period of about