Budget

Chubby, pink-fleshed Finance Minister Dr. Heinrich Koehler presented to the Reichstag, last week, his Budget for 1928-2Q. He spoke ably but to less than one third of the Deputies, the rest absenting themselves because the Budget details became fully known in the committee stage (TIME, Dec. 5). Balance is to be achieved at 9,502,700.000 marks, a figure higher by 367,500,000 marks than last year, but actually swollen not by extravagance but by the fact that Germany's reparations' burden rises during the coming year 750,000,000 marks to its final maximum annual total of 2,500,000,000 marks ($595,000,000).

Commenting on German prosperity. Dr. Koehler frankly admitted that his pessimistic budget calculations of last year have been happily rendered incorrect by the steady decline in unemployment and increase in taxable revenues. "But," added he, with characteristic caution, "the German economic boom seems to have reached its highest point."