Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-10-07
Revenue and Estimates.

BY comparison of the actual results OF
the revenue for the financial year 19O9-1O
with the estimates, it is found that in the
ordinary section, as regards the taxes
and duties. while there was falling off
in the receipts from the sugar excise
textiles consumption tax and customs du-
ties, there was an increased yield from
the income business and sake taxes, as
well as an increase in stamp receipts
and in receipts from government under
takings and state property. Although 1t
is too early to obtain a definite account OF
the actual revenue for the financial year
19lO-11, the total ordinary and extraor-
binary revenue will. it Is believed exceed
the budget estimates by nearly $50 600. 600
Through an increase in the national
savings and the redemption of national
loans the capital in the market became
abundant. and both commerce and in
duStry made. steady progress, says the
report, in touching on the condition of
the economic world in 1910
The arrangements made by the govern
ment since 1903. In regard TO the national
finance and debt, proved very effective,
and, together with the general condi-
tons of the economic world at the end
of 1909. led at the beginning of the fol-
lowing year to still greater abundance
of capital in the financial world, and
brought on a downward tendency in the
rate Of interest. The government took
advantage of this occasion to commence
the conversion into 4 per cent loans of
those per cent public loans whose peri
cd for remaining unredeemed had eXpir-
ed Thereupon anticipations made by
the market of the future course of mon
etary circulation brought interest of all
kinds to an almost unprecedentedly low
rate, and the stock market. which had long
lain inert. showed some signs of activity,
and even upon the coming of the season
when there is usually general demand
for capital hardly any change was per-
ceptible in the slack circulation of money
Rapid Progress Noted.
Meanwhile. the governments plan for
the conversion and redemption of its
loans made gradual progress and, as
sourceseof revenue for the redemption, 4
per cent icaus-Were issued at home. and
similar loans in French money and in
sterling were raised abroad. and with the
proceeds of these loans and the sinking
fund various > per cent loans and eX-
chequer bonds were redeemed and eX-
changed for the low interest loan bonds.
onsequently, although very few attempts
were made by the public corporations or
private companies to import foreign cap
ital, there was in the course of last year
an increase of more than $1S.OO0.OO0 in
the postal savings and more than $40,
OG0,09O in the deposits at the banks in
various important places, and, on the
contrary. the loans advanced by the
banks showed an increase of less than
$45OOO,0O0 so that the circulation of
money became still more slack, ands not
withstanding slight briskness at the
end of the year. the low rate OF interest
was always maintained.
In these circumstances. as with this
abundance of capital in the financial
world. many efforts were made for it's in
Vestment, the debentures issued by banks
and companies were generally welcomed
as objects OF investment ranking next
to the national loans in rel ability. The
issues of these debentures always pro-
duced good results. and those issued dur
ing the year amounted to about $4,000,
COO. AS the business world was thus given
a suitable stimulus by the supply of cheap
capital. together with the rise in the price
of silver. annexation of Korea. reduction
of taxes and rev,s sion of the customs
tariff, the way was opsned for recovery
from the stagnation of trade.
Railway Traffic. Increases.
The traffic the imperial railways N
nd fhaip he