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GERMANYS FINANCIAL OUTLOOK One of the most interesting economic phases of the war is that of German finance and its outlook Though the German Government dare not reveal its true financial position it has had to make public certain statements on revenues and expenditures The British Chancellor of the Exchequer recently quoted some of these statements and the following table gives the comparisons needful to grasp their German debt March 31 1919 40000000000 40000000000Annual Annual revenue required on basis of ofthis this debt 3000000000 3000000000Ircwar Ircwar revenue was 7 0000000 0000000New New taxation for next year 000000000 000000000Even Even allowing for the added taxation to come into fjicct next year Germany is raising less than one half of the annual revenue required to meet ordin nary expenditures pay interest pensions etc Krom wheie can the other half the two billions au naually come in the afterwar period Britain is taxing unsparingly now while there are big war prolits and large expenditures but Germany has left provision of more national income until too late Since the beginning of the war Germany has raised in extra taxation 3375000000 while Britain will have raised by next March 8430000000 8430000000Since Since Germany has taxed almost everything taxa ¬ ble and lias banked for the balance upon indemni ¬ ties which it will not get how can it raise another two billions annually Its trade is wrecked It is short hundreds of millions worth of raw materials needful to start its peace industries going Its naiiiowor Js cut almost in half Its vitality is rnfpobled by prolonged rationing on a mere life sustiining basis If Germany has to take second place to the Allies in getting raw materials for in ¬ dustry and is thus deprived of opportunity for re tupcrating until the other nations are well started its financial problems will not be much better than those of Itussia Toronto Mail and Express
