File No. 5614/1.
Minister Sorsby to the Secretary of State.
La Paz, March 7, 1907.
Sir: I have the honor to transmit herewith a résumé of the Bolivian budget for 1907, showing an estimated deficit of 1,012,775.68 bolivianos.a
Comparing the budget of 1905 with the receipt of revenues from all sources of 7,928,730 bolivianos and expenditures of 9,473,577.45 bolivianos, with its resultant deficit of 1,544,844.45 bolivianos, and of 1906 with receipts of revenues from all sources of 10,406,233 bolivianos, and expenditures of 11,688,556.58 bolivianos, with the resultant deficit of 1,282,323.58 bolivianos, with that of the present year, with receipts of revenues from all sources of 13,583,333 bolivianos, and expenditures of 14,596,108.68 bolivianos, with the resultant deficit of 1,012,775.68 bolivianos, a decided improvement in the economic conditions, together with a general development and progress of the country, is noted.
In defining a deficit in the national budget of Bolivia it may be well to remark that a deficit does not necessarily imply a national indebtedness, as the Government may or may not expend or exhaust many of the various sums appropriated, and, as a fact, the national expenditures rarely if ever exceed the receipts.
I have, etc.,
- Not printed.↩