figures show the growth of Belgian commerce for
the greater part of the Nineteenth Century, the
larger jiart of botli exports and imports being,
not l)V sea, but bv land and river:
the privilege of handling its moneys. The bank has numerous branches throughout tlu^ country. It also conducts, free of cluirge, all the financial operations of the State Savings and Pension In-
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General Commerce Imports Exports Transit trade 1850 $34,500,000 I $47,300,000 $103,300,000 27,600,000 62,700.000 33,900,000 4,600,000 41,300,000 81,700,000 1870 $184,200,000 138,000,000 166,300,000 1880 $336,200,000 '$334,400,000 $718,900,000 243,300,000 I 287,4(]0,OO0 659,500.000 201,70p,000 302,200,000 274,900,000
The table reveals the remarkable growth of Belgiinn's commerce since 1S3.5, as well as its unprecedented increase in the last decade of the century, which quite exceeded 100 per cent, both in imports and exports. The only branch of trade that suffered a setback during the last decade was the transit trade, although this also has improved since 1894, when it reached the low-water mark of ,$224,000,000. An interesting feature of Belgium's conunerce is the large ex- cess of its imports over its exports — a condition which has not changed since 1800. Far from be- ing a drawback to the country, this 'unfavor- able' balance of trade has been one result of Bel- gium's connnercial and financial expansion. The investments of Belgian capital abroad, especially in Russia and in Asia, are luiusually large, and the surplus imports represent nothing but the materialized profits of foreign investments ac- cruing to Belgian capitalists. The principal countries participating in Belgium's trade, in the order of their importance, are France, Ger- many, Great Britain, the Netherlands, the Unit- ed States, Russia, and Argentina. In the for- eign trade of the United States Belgium plays an important part. It ranks fifth in the value of its imports from the United States and sevenlli in the exports it sends there, being be- hind onl_y Great Britain, Germany, Netherlands, and Fi'ance in imports, and beliind these coun- tries and Italy and Switzerland in exports. The following table shows the course of the Belgian-American trade during the last decade of the century:
Year Imports from United States to Belgium Exports to United States from Beli^ium 1891 $27,500,000 48.800,000 26,700,000 28,400,000 26,200,000 27,100,000 33,100,000 47,600,1X10 44,200,000 48,300,000 $10,900,000 1892 10,300.000 1893 11,200.000 1894 8,600,000 1895 10,100 000 1896 13,800,000 1897 14,100,000 1898 8,700,000 1899 10,600 (M)0 1900 12,900,000
BA^"KI^■G. The banking system of Belgium centres in the National Bank, established in 1850 with a capital of .$.5,000,000, increased to $10,- 000,000 in 1872, when its charter was renewed until 1003. in 1900 its charter was extended to January, 1929. It is the sole bank of issue in the country, and in addition to doing a general deposit and discount business with ))rivate indi- viduals, serves as a repository" of State moneys, and has general charge of all the operations of the State treasury. The services to the State are performed free of charge, and in addition a cer- tain amount is paid to the State annually for stitution, established in 18G5. There are, in addition, several private banks and banking in- stitutions, the oldest of which is the tSociete generate pour favoriser Vinduslrie nationale.
FiN.NCE. The following figures show the growth of the Belgian budget, as well as the relation between revenue and expenditure:
Year Revenue Expenditure Surplus or Deflcit 1836 $18,200,000 26,5(«.l,000 41,100,000 75,700,000 136,000,000 $17,400,000 23,7O0,IM«l 43,4110,000 83,600,000 138,700,000 + $800,000 + 2,800,(H>0 2 31)11 000 1850.... 1870 1890 1898
(-I-) Surplus. (— ) Deficit.
The deficit is really much larger than it ap- jiears from the table, owing to the fact that the revenues include the amounts rai.sed by loans in order to meet or reduce the deficits from year to year.
Besides suffering from a chronic deficit, Belgium has a system of taxation which is burdensome to the masses of the population. In 1854 the direct taxes constituted 25 per cent, of the revenue of the State, and the indirect, 28 per cent. In 1901 the proportion of direct taxes fell to about 10 per cent., while that of the indirect taxes rose to about 35 per cent. The chief sources of direct taxation are property taxes, personal taxes, taxes on trades, etc.; the most important indirect taxes are import duties, and excise duties on whisky, beer, vinegar, tobacco, and sugar.
In addition to taxation, revenues are derived from State domains and forests. State railways, telegraph, post-otlice, and other Government institutions conducted on a business basis. The largest item of exjienditure, next to that on railways, posts, telegraphs, and telephones — which need not be considered here, as it is more in the nature of a profitable investment than a source of expense to the State — is the service of the public debt, which absorbs more than a fourth of the ordinary revenue of the State. The Ministry of War spends nearly twice as much as that of Interior and Public Instruction, and is followed by the ilinistrv of Finance and Public Works.
Public Dcht. — iMost of Belgium's debt has been incurred for profitable undertakings, espe- cially in connection with her railway enterprises. The national debt has grown as follows:
1836 $23,400,000 1850 125,300,000 1870, 130,600,000 1S90 403,600,000 1900 532,200,000
Of the $5.32,200,000, $44,000,000 represents the old Netherland debt, $10,700,000 is a iion-
