FINANCE

761

The estimated revenue for 1912-13 was 5,705,688^., and expenditure G, 351, 150^. The following is an abstract of the budget for 1913-14:—

Revenue

Kroner

Expenditure

Kroner

Balance of domain revenues .

1,037,416

Civil list and appanages

1,174,000

Interest on State assets

6,087,980

Rigsdas and Council of State

900,000

Direct taxes ....

35,031,000

Interest and expenses on

Indirect taxes, mainly customs

State debt

12,-337,162

and excise ....

60,143,200

Pensions including m'litary

Posts and telegraphs

2,060,229

invalids ....

4,422,960

Balance of lotteries

1,517,228

Ministry of Foreign Affairs .

989,913

Separate revenues .

6,683,794

Ministry of Agriculture

4,296,413

Revenue from employment of

Ministry of Interior

13,897,326

property and funding of

Ministry of Public Works .

2,839,013

debt

4,623,809

Ministry of Justice Ministry of Commerce and

4,459,441

Navigation

5.32,958

Ministry of Public Worship

and Instruction

15,396,921

Ministry of War .

19,462,420

Ministry of Marine

9,785,993

Ministry of Finance

8,019,263

Iceland

267,300

Improvement of State pro-

property and reduction of

dobt

Total expenditure .

12,769,312

Total revenue .

11", 184,656

115.551,369

(6,445, 175i.)

(6,355,3601.)

An important feature in the administration of the finances of the kingdom is the maintenance of a reserve fund of a comparatively large amount. In 1867 it was 6,458,110/.; in 1887, 990,050^. ; in 1907, 994,210/. ; on March 31, 1910, 994,342/. ; 1911, 994,345/.; 1912, 985,789/. The object of the reserve fund is to provide means at the disposal of the Government in the event of sudden occurrences.

The public debt of Denmark has been incurred in part by large annual deficits in former years, before the establishment of parliamentary govern- ment, and in part by railway undertakings and the construction of harbours, lighthouses, and other works of public importance. The following table gives the national liabilities from 1907 to 1912 : —

ending March 31 Capital of Debt ending March 31

Capital of Debt

£

1907 14,329,540 1910

1908 14,218,500 1911

1909 14,108,010 1912

& 16,764,121 18,658,KS9 19,359,000

The debt is divided into an internal and a foreign. The total foreign debt amounted in 1912 to 14,904,000/. The debt is at 3 and 3^ per cent.

The interest of the debt for 1911-12 was set down as 629,203/. The investments of the State on MarcR 31, 1912, including the reserve fund, but excluding the State railways (valued at 14,904,000/.) and the domains, amounted to 9,737,000/.

The revenue and expenditure, and the property and debt of Copenhagen