7 1 M. Ribot's sketch of the French Budget is mo
t unsatisfac- tory. The revenue of 1896 is estimated at t e enormous figure of £185,000,000, but even this leaves a eficiency of £2,000,000. Large retrenchments are most difficult, for interest on debt of all kinds absorbs within a fraction of sixty millions (1,495,000 000 fr.), and the Army and Navy £36,000,000 more, leaving less than £40,000,000 for all remaining expenses, including the immense bureaucracy, Public Works, and Education. M. Ribot therefore proposes a number of small taxes on the well-to-do, of which the principal are a new Succession-duty, a new Stamp-duty on foreign shares held in France, a tax on carriages and servants, and a modification in the Spirit-duties. The Servant-tax will, it is said, cause great irritation, but almost anything will be borne if the alternative is the detested Income-tax.
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