Page:Statesman's Year-Book 1899 American Edition.djvu/877

 FINANCE

521

ordinary budgets from the period anterior to 1814 down to the end of 1897, as follows : —

Period

Government

Deficit

Before 1814 1815 to 1829 1830,, 1847 1848 „ 1851 1852,, 1869

1870,, 1897

Napoleon I. and previously Louis XVIII. and Charles X.. Louis Philippe .... The Second Republic Napoleon III

Total .... The Third Republic, surplus

Total deficits

Francs

99,678,480 269,801,915 1 519,067,077

29,399,140

93,921,998

1,011,868,611 32,776,715

979,091,896

These figures, however, do not represent the actual deficits arising from the difference between the ordinary revenue and the total expenditure, nor even those arising from the differences between the total revenue and total expenditiire. Moreover, almost uninterniptedly, so as to make it the rule and not the exception, the budgets voted by the representatives of the nation have shown a small surplus, while the ' compte definitif,' published a number of years afterwards, has exhibited a large deficit.

The following table shows the progress during the century of the French national debt and its yearly charge : —

Date

Period

Nominal Capital

Interest

Millions of

Millions of

Francs

Fi-ancs

Sept. 23, 1800

First Republic

714

36

Jan. 1, 1815

Napoleon I..

1,272

64

Aug. 1, 1830

Louis XVIII, and Charles X.

4,426

199

Feb. 24, 1848

Louis Philippe

5,913

244

Jan. 1, 1852

Second Republic.

5,516

239

Jan. 1, 1871

Napoleon III.

12,454

386

Jan. 1, 1889

Third Republic.

21,251

739

On January 1, 1896, the debt of France stood

as follows : —

Franr-s

Consolidated debt .....

. 22,005,373,951

Morgan loan ......

227,450.532

Redeemable debt .....

. 3,936,491,000

Annuitv, kc, debt ....

3,371,429,015

Floating debt

1,143,607,551

Guarantee de

ibt

310,004,695

Total 31,094,356,744

The following table shows the interest and annuities to be paid under the various heads of the public debt, according to the budget estimates of 1899 : —

Francs

Consolidated debt 693;680,314

Redeemable debt : interest and amortisation. . 326J332,926 Floating debt 235,735,644

Total

1,255,748,884