The financial year in France begins on the 1st of January, and the budget of each financial year must be laid on the table Budget of the Chamber of Deputies in the course of the ordinary session of the preceding year in time for the discussion upon it to begin in October and be concluded before the 31st of December.
During the financial year ending on the 30th of June 1901 these figures were slightly exceeded.
The financial year 1862 closed with a deficit of more thai 16,000,000, which increased in 1866 to 28,840,000 on account 0 the preparations for the war against Austria.
The revenue in the Italian financial year 1905-1906 (July I, 1905 to June 30, 1906) was 102,486,108, and the expenditure 99,945,253, or, subtracting the partite di giro, 99,684,121 and 97,143,266, leaving a surplus of 2,54o,855.f The surplus was made up by contributions from every branch of the effective revenue, except the contributions and repayments from local authorities.
The sums so paid in respect of the duties last above mentioned, and in respect of the estate duty and spirits and beer additional duties, are distributed among the several counties in proportion to the share which the Local Government Board certify to have been received by each county during the financial year ending the 31st March 1888, out of the grants theretofore made out of the exchequer in aid of local rates.
Instead, therefore, of proceeding with the budget, the government allowed the financial year to end without one, and brought forward resolutions for curtailing the powers of the Lords, on which, if rejected by them, another appeal could be made to the people (see PARLIAMENT).