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412 nical advisers. When he had interfered at all it had only been on those occasions when, as with regard to commercial treaties, the policy of his colleagues had impeded his own political objects. In 1864 he had been much annoyed because difference on commercial matters had interfered with the good understanding with Austria, which at that time he was trying to maintain. Since the foundation of the Empire almost the complete control over the commercial policy of the Empire had been entrusted to Delbrück, who held the very important post of President of the Imperial Chancery, and was treated by Bismarck with a deference and consideration which no other of his fellow-workers received, except Moltke and Roon. Delbrück was a confirmed Free-Trader, and the result was that, partly by commercial treaties, and partly by the abolition of customs dues, the tariff had been reduced and simplified. The years following the war had, however, not been altogether prosperous; a great outbreak of speculation was followed in 1873 by a serious commercial crisis. And since that year there had been a permanent decrease in the Imperial receipts. This was, for political reasons, a serious inconvenience. By the arrangement made in 1866 the proceeds of the customs and of the indirect taxation (with some exceptions) were paid into the Exchequer of the Federation, and afterwards of the Empire. If the receipts from these sources were not sufficient to meet the Imperial requirements, the deficit had to be made up by contributions paid (in proportion to their population) by the separate States. During later years these contributions had