ar 1905-06 the budget estimates (in leï or francs) were :

uded in these statements are the railway and some other budgets a net revenue of nearly 30,000,000 lei annually.

ic debt of Rumania amounted on March 31, 1905, to 1,359,927,235 e total amount more than half has been contracted for public ly railways. The remainder has been contracted to cover deficits, nded debt, and pay off peasant freeholds. For 1905-06 the he debt (interest, amortization, pensions, &c.) was estimated at leï.

1 finance (departmental, urban, and rural) for 1901-02 was as

atz on the Danube at the mouth of the Sereth are 3 lines of 1 with 51 batteries; at Nemolassa on the Sereth are 2 lines tteries; and at Focsani to the north-west near the Sereth are 3 71 batteries. All these fortifications are in the nature of camps with elements of permanence, concrete and iron being ir construction. They are armed with Krupp and Gruson guns. is protected by 18 forts with as many intervening batteries, all 1 6-inch guns, howitzers, and quick-firing guns.

tire military strength of Rumania consists of the Active Army o Permanent and Territorial, each with its reserve; the Militia and i masse. Every Rumanian from his 21st to his completed 46th le to military service as follows:-From the 21st to the 23rd r arms; from the 23rd to the 28th, on leave; from the 28th to the e reserve; from the 30th to the 36th in the militia; and from the 46th in the gloata or levée en masse. Every retired officer must

serve in the reserve, subalterns to the age of 52, and higher officers to the age of 65. In 1904, 55,361 conscripts were enrolled out of 77,380 available. The army is also kept up to its strength by the enlistment of volunteers and the re-enlistment of men in the reserve.

According to the organisation in force the army consists of Infantry: 9 battalions of rifles or chasseurs; 34 regiments of infantry (Dorobantzi), of 3 battalions each, 1 permanent, 2 territorial, and 1 platoon not in the ranks; Cavalry: 6 regiments of hussars (Roshiori); 11 regiments cavalry (Calarashi), of which 8 consist each of 1 permanent squadron and 4 territorial; 2 of 4 permanent squadrons and 1 territorial; and 1 of 2 permanent and 2 territorial squadrons. Gendarmerie : 2 companies on foot, and 3 squadrons mounted; Artillery: 12 regiments of field artillery, with 60 batteries and 2 regiments of siege artillery; Engineers: 2 regiments. The Administrative Troops consist of 5 companies of artificers, and 4 squadrons of train. The Hospital Service has 72 officers, 51 employés, and 4 companies. The larger units are 16 infantry brigades, grouped in 8 divisions which form 4 army corps, to each of which a cavalry brigade is attached. The head-quarters of the corps are at Carajova, Bucharest, Galatz, and Jassy. Besides, there are a division in the Dobruja and 2 separate cavalry brigades at Tecuciu and Galatz. The strength of the permanent army in 1904 was 3,459 officers, 231 civil functionaries, 687 pupils in schools, 61,743 men; total, 66,120, with 15,305 horses. The Territorial Army consists of 72,000 men and 7,500 horses. The war strength is put at 3,948 officers, 170,000 men, and 43,114 horses. The infantry is armed with the Mannlicher repeating rifle, model 1893.

Rumania has in the navy the Elisabeta, launched at Elswick in 1887, a protected cruiser of 1,320 tons displacement and 4,900 horse-power, 31⁄2-inch armour at the belt, 6-inch and 8 machine guns; the Mircea, training ship, a composite brig of 350 tons; 7 gunboats; 6 coast-guard vessels; a screw despatch vessel (240 tons); 6 first-class and 2 second-class torpedoboats. A floating dock has been purchased in Scotland and several gunboats will be constructed in it. The fleet is gradually expanding, and there is a project of building two armoured vessels. At Galatz there is a marine arsenal.

Production and Industry.

Of the total population of Rumania 60 per cent. are employed in agriculture. About 900,000 heads of families (exclusive of labourers) are farmers. Of the land, 40 8 per cent. is under agricultural crops, 11 per cent. under vines, 0 4 under plum trees, 7.9 under pasture, 4'3 under natural grass, 19.7 under forest, and 25'8 unproductive.

In the last two years the chief agricultural crops were as follows :—

,372 hectares were under colza, yielding 395,355 hectolitres; s under flax, yielding 727,204 hectolitres of seed; 7,927 hemp, yielding 25, 661 quintals of fibre and 55,670 hectolitres 570,228 hectares under grass, yielding 12,850,770 quintals of orests of Rumania have an aggregate area of 921,644 hectares 1 produce is valued at 2,338,310 lei. Unproductive State lands hectares; communal forests have a total area of 70,181 lic bodies own 125,986 hectares; and private persons, 1,492, 841 e total forest area is thus 2,774,048 hectares. The principal , 713,430 hectares; beech, oak, &c., 692,620 hectares; beech, res; pine and fir, 311,120 hectares. The timber trade has led within the last few years.

er 1900 Rumania had 864,324 horses, 2,589,526 cattle, 5,655,444 5 goats, and 1,709,205 swine.

try, especially in the Carpathians, is rich in minerals. A f 1895 permits the introduction of foreign capital, and gives es for the development of mining industries. Coal and worked and the latter is now exported in considerable quantities. prings, both government and private, are worked at Prahova, Bacau, and Buzen. The total output in 1899-1900 reached ic tons; in 1900-01, 246,005; in 1901-02, 298,139. Of the 901-02, 17,356 tons came from government, and 280,738 from results of an inquiry into the industrial condition of Rumania it appears that (apart from agriculture, mining, commerce, and f 97,755 persons (employers and employed) engaged in the various he distribution was as follows:

97,755 persons, 65,948 were Rumanian subjects, 12,626 were subreign States, and 19,181 not under the protection of any State. rge industrial establishments the capital invested amounted to 0 lei (or francs), the average annual value of the raw material 20,927,709 leï, and the annual value of the output was 231,650,401 he more important classes of industries the large establishments gregate capital, annual consumption of raw material, and annual follows:

The values of the imports into and exports from Rumania in the last five years (in leï or francs) were :

Imports and exports are estimated in accordance with values settled by a Commission appointed from time to time. The values for 1902 were fixed by the Commission appointed in May, 1903, the previous commission having been appointed in 1896.

Specific duties are levied on nearly all imports, but agricultural, industrial, and electric machinery, some industrial raw materials (iron and steel rails and blocks, raw metals, bleaching chemicals, &c.) are free. Imports of yarns, woven fabrics, most metal goods, foodstuffs, hides, leather, oils, coal, lime, paper (except books, maps, &c.) are taxed. The import duties amounted in 1900 to 16,096,413 leï; in 1901, to 22,960,367 leï; in 1902, to 26,651,000 leï.

In the last two years the chief imports and exports were as follows :—

two years the trade was mainly distributed as follows:

wing table, taken from the Board of Trade Returns, shows the imports into Great Britain from Rumania, and of the domestic Great Britain to Rumania, for five years::

to Great Britain 2,084,369 1,396,639 3,993,970 7,692,146 4,232,773 Rumania 1,175,431 586,179 1,023,103 1,224,356 915,321

ding imports into Great Britain from Rumania in 1903 were the value of 878,3177.; maize, 1,116,6271.; wheat, 1,055,9127. ; 134,0847.; wood, 287,503. The chief exports of British produce ctures to Rumania were in 1903 cottons to the value of 244,4917.; , 164,1527.; woollens, 53,9577.; coal, 79,3261.; iron, wrought ight, 173,0647.; machinery, 50,0217.

Shipping and Communications.

the merchant navy of Rumania consisted of 379 vessels of 78,214 ding 67 steamers of 14,692 tons.

ports of Rumania in 1903 the movement was as follows:-