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PORTUGAL.

Revenue and Expenditure.

The annual revenue of Portugal amounted, on the average of the last ten years, to 3,500,000/. sterling, while the average expenditure during the same period was about 750,000/. more. The estimated ordinary revenue of the kingdom for the year 1868-69 amounted to 16,910,137 milreis, or 3,757,808/., and the expenditure for the same period to 23,043,764 milreis, or 5,120,836/., leaving a deficit of 6,133,627 milreis, or 1,363,028/.

The following were the gross sums of the budget of the financial year 1868-69, as approved by the General Cortes : —

Revenue for 1868-69.

Direct taxes ......

Indirect taxes and customs

National domains and miscellaneous receipts

Deductions from civil list and salaries

Total estimated revenue

Milreis

6,098,466

8,441,137

2,330,534

40,000

f 16,910,137 \ £3,757,808

Expenditure for 1868-69.

Interest on home debt ....

,, on foreign debt .... Ministry of finance ....

,, of the interior ....

„ of justice and ecclesiastical affairs

,, of war .....

,, of marine and colonies

„ of foreign affairs

„ of commerce and public woi'ks. Extraordinary expenditure

Total estimated expenditure.

Milreia 4,602,224 3,358,760 3,718,592 1,898,635

642,970 3,692,584 1,562,233

226,166 1,114,392 2,227,208

23,043.764 £5,120,836

There has been no budget for the last thirty years without a deficit. The expenditure amounted, in 1834, to 14,911,314 milreis ; in 1844, to 11,158,214; and in 1854, to 11,784,472 milreis. In the financial year 1858-59 the public expenditure was 12,947,061 milreis, or 2,913,088/., in 1860-61 it rose to 13,987,859 milreis, or 3,147,268/.; in 1862-63, to 22,329,239 milreis, or 4,962,053/. ; and in 1867-68 to 22,695,979 milreis, or 5,044,662/. The deficit for the last-named year amounted to 5,81 1,560 milreis, or 1 ,292.59(1/., being rather more than the estimated deficit of 1868-69. The