3 io
ITALY.
The actual expenditure for the year 1868 amounted to 46,919,001/., thus exceeding the estimates by 7,000,443/., while the actual receipts were to the amount of 1,835,521/. below those calculated upon.
The budget estimates for the year ending December 31, 1869, were calculated upon a total ordinary and extraordinaiy revenue of 999,472,619 lire, or 39,978,905/., and a total expenditure of 1,074,183,493 lire, or 42,967,339/., leaving a deficit of 74,710,874 lire, or 2,988,434/. The actual receipts in 1869 amounted, ex- clusive of loans, to 34,420,000/., and the actual disbursements to 46,030,000/.
The financial accounts relating to expenditure divide all dis- bursements, besides the ' Parte ordinaria ' and ' Parte straordinaria,' into permanent and administrative expenditure. Under the head of permanent expenditure are comprised the charges of the public debt, the civil list, pensions, and guaranteed interest of railways and other public undertakings, while the administrative expenditure embraces the cost of the general government, including the charges for the maintenance of the army and navy. During the eight years 1862-69, the so-called permanent expenditure showed a constant tendency towards increase, while the administrative expenditure went gradually declining, as will be seen from the following table :—
Years
Permanent Expenditure
Administrative Expenditure
1862
9,572,000
27,268,000
1863
10,971,000
24,931,000
1864
14,100,000
27,224,000
1865
20,088,000
22,570,000
1866
19,842,000
29,384,000
1867
21,349,000
23,354,000
1868
22,374,000
24,545,000
1869
24,250,000'
21,780,000
The ever-recurring deficits of recent years, produced by the vast increase of expenditure, but slightly covered by augmented revenue, were met partly by loans, and partly by the sale of state property, and monopolies. In 1867, when the financial pressure attained) dimensions not known before, the Government, by consent of the Chamber of Deputies, levied the sum of 600 millions of lire, orl 24,000,000/., on ecclesiastical property, and two years later, in 1868,1 the State monopoly on tobacco was made over to a French company! in consideration of a loan of 180,000,000 lire, or 7,200,000/., pay-J able in gold, in six months' instalments. The State railways were! also sold, in 1864, for a sum of 200,000,000 lire, or 8,000,000/.
