19 



The total for the differences of exchange is 383,633,000 escudos, or 

 67 per cent, of the total expenditure. 



The number of civil servants increased by 5,000 since 1914, to 

 19,123, excluding the Post Office, the harbour, and the State 

 railways. The strength of the army and navy has not yet been 

 reduced to its pre-war figures, and the number of recruits for the 

 army is still 45,000, comparing with 30,000 in 1913-14. The State 

 railways show a deficit of 12,000,000 escudos; the harbour of 

 Lisbon brings in no appreciable income; the Post Office shows a 

 considerable deficit; the State merchant shipping has proved a 

 failure. To redress these evils and to readjust all these services is 

 a task in which the present Government is engaged. 



The debt interest and funding services amount to 153,000,000 

 escudos, but deducting the bonds held by the Treasury this 

 amount is reduced to 133,876,000 escudos, representing 23 per 

 cent, of the State expenditure and 55 per cent, of the anticipated 

 income. 



The receipts budgeted for 1922-23, compared with those of 

 1921-22, are the following: 



Escudos. Escudos. 



1922-23. 1921-22. 



Direct taxes 54,073,000 ... 49,907,000 



Stamps and registration 39,780,00t) ... 33,630,000 



Indirect taxes 62,241,000 ... 54,127,000 



Monopolies 22,759,000 ... 15,130,000 



State-owned properties 3,292,000 ... 2,492,000 



Dividends of shares held by the 



Treasury ... 23,282,000 ... 21,619,000 



lieimbursements 3, 477, OCX) ... 3,270,000 



Self-governing services 17,593,000 ... 13,726,000 



Other items 35,055,000 ... 37,095,000 



Total 261,552,000 ... 230,996,000 



The only note-issuing bank for Portugal and the Islands 

 of Madeira and the Azores is the Banco de Portugal. In the 

 colonies the note-issuing bank is the Banco Nacional Ultra- 

 marino. The State is granted certain advantages in proportion 

 to the notes in circulation. The Grresham law has found a full 

 demonstration, and there are no coins in circulation. The amount 

 of gold in circulation was estimated at 20,000,000 some years 

 ago. 



An exhaustive analysis of the Budget would mean a 

 description of political and economical events, and would exceed 

 the space assigned to this survey. 



