-18-
 
for the Reich Auto Road Fund, made from the transfer, shipping 
 
and petroleum taxes and from customs duties, a diminution
 
is to be expected (it was 246 million RM in the fiscal year
 
A perceptible diminution in the portion of the revenue
 
from taxes remaining to the Reich will take place in the
 
fiscal year 1940, through the presentation of tax coupons.
 
While the NF I tax coupons returning to the Reich financial 
 
offices in the fiscal year 1930 were subtracted from the
 
gross proceeds of the tax coupons issued, they must in the
 
fiscal year 1940 be calculated against the tax revenue, as
 
was done previously with the tax coupons of old type, since 
 
no new issue will be made. The circulation of NF I tax
 
coupons reached its maximum with 2,429 million RM at the
 
end of November 1939. It has diminished since that time:
 
     by 164,1 million RM in December 1939
     "172.6          "        "   "   January 1940
     "177.7          "        "   "   February 1940
     "319           "        "   "  March 1940
     "157.6          "        "   "   April 1940
     "95.9           "         "   "   May 1940
     "107.9           "        "     " June 1990
     "27.8               "       "     " July 1990
 
So in the first four months of the current fiscal year 389.2
 
million RE in NF I tax coupons had already flowed back into
 
the Reich financial offices. It is to be noted, to be sure,
 
that the inward flow, which increased from month to month up to
 
March 1940, has since then unmistakably been receding. This ia
 
explained merely by the fact that the supply from which the re-
 
turn flow could take place is constantly diminishing. But it is