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STATE FINANCES.
239
entire "State Revenue Proper’’; but the figures in the 1915 Budget are
somewhat misleading, as the Extra-ordinary Defence Tax enters with
its complete (three years) amount. If this fact as well as some other ones
are taken into account, the percentage of "indirect" taxes rises to 611,
and this too is below the normal, as even one third of the Defence Tax
constitutes an exceptional increase of "direct" taxation. The figure in
the Budget of 1914, 63-2 %, may be considered as fairly normal. The
result, however, is altogether different, and works out into a marked
preponderance of "direct" taxation, if the State and the Local
Government are lumped together (see p. 246). What is decidedly the most
important of these sources of State revenue, viz. the Customs — which by
themselves amount (1914) to 36 % of the State Revenue Proper (32-8 %
in 1915) — receive special treatment elsewhere (Part II). Other taxes
falling under this head are the taxes on manufacture called Excise: one
of these (the Malt Tax) is based on the raw material; two (the Spirit Tax
and the Sugar Tax) on the finished article and one (the Punch
Stamp-Duty) on the sale — as is also the case with the spirit license duties,
which are included in the State Budget from 1915 onward. From that
year, it should be explained, all revenue on intoxicating liquors are to pass
into the Treasury; but the amount by which they exceed 41 900 000 kr. is
to be formed into a special fund and therefore not to be used for the
current expenditure of the State (cf. Temperance Question); hence arises
the amount set aside for the Fund from Intoxicating Liquor Revenue
in the Budget (see Table 40).
The Revenue from the Productive Funds of the State amounts,
including the State share in the profits of the Bank of Sweden, to almost
exactly 59 mill. kr. according to the Budget for 1915 (see Table 40); but
the figure gives an exaggerated idea of the importance of these sources of
revenue in the Budget, inasmuch as no interest charges have been deducted.
If the actual interest on the State loans be deducted, the revenue from the
productive funds of the State (including the State’s share in the profits
of the Bank of Sweden) for 1915 will be 11-5 % of the total amount of the
"State Revenue Proper" and the Revenue from the Productive Funds put
together (deduction being made as in the case of "indirect" taxes). Revenue
from such productive funds is of far greater importance in the budget of
Sweden than in those of France and England, but of considerably less
importance than in those of Germany (counting together those of the
Empire and its constituent States).
Table 42 shows the different items and their relative importance. The Railway
receipts in themselves bulk largest; but the yield on the capital invested in the
Swedish State Railways is not very high (3"58 % for the good year, 1913) — as,
in fact, is the case with the railways, private or public, of most countries, with
the exception of the state-owned Prussian railroads. Less imposing in themselves
than the Railways, but considerably more profitable, are the Post and Telegraph
Services (yield in 1913, 35"93 % and 7’75 % respectively). The receipts from the
Waterfalls are not yet large and the yield is low (1’98 %); but only one of the
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