Excepting the in creases of deficit in 1868 and 1870, the annual deficits tended thence forward to decrease, until in 1875 equilibrium between expendituri and revenue was attained, and was maintained until 1881.
From 1885-1886 onwards, outlay on public works, military and colonial expenditure, and especially the commercial and financial crises, contributed to produce annual deficits; but owing to drastic reforms introduced in 1894-1895 and to careful management the year 1898-1899 marked a return of surpluses (nearly 1,306,400).
Deficits are made good by grants from the imperial treasury.
Now and then it has been dealt with piecemeal, when some particular class of creditors has become too pressing, but it is more than probable that the piece got rid of has been more or less rapidly replaced by fresh liabilities occasioned by budgetary deficits, or by the mere accumulation of interest on debts allowed to run on.
In each of the years 1903-1909 the expenditure exceeded the revenue (about $70,000 in 1909-1910), deficits being made good by grants from the British parliament.