of
tax withheld and collected at the source would ultimately have to be
refunded. The law as enacted indicates an intention to secure in part
the advantage of assessment at the source and at the same time avoid in
part the attendant disadvantage of having to refund the tax. The
measure might be characterized as one which as regards the "normal tax"
applies the principle of assessment at the source to corporate income
completely and to other income in spots. The "additional tax" is simply
the direct personal tax. The normal tax will doubtless be successful in
reaching the large amount of income earned or created by enterprises
conducted under the corporate form of organization, much of which would
probably escape assessment under a direct personal income tax. But
beyond this it is questionable whether the method of assessment at the
source as here applied will be of sufficient advantage to justify the
administrative complications which it involves.

It seems useless, however, as well as unwise, to venture any
predictions as to how successful the tax will be in reaching the income
subject to it or how well it will work in actual practise. The law will
doubtless require amendment in many particulars, even if it does not
need to be radically revised. That the income tax in some form will be
perpetuated as a permanent part of our system of national finance may
safely be predicted. Properly adjusted and wisely administered, it
should greatly strengthen the financial resources of the Government,
make possible a closer adjustment of revenue to expenditure, and secure
a more equitable distribution of the burden of taxation.

THE SECOND BALKAN WAR

GREECE AND SERVIA CRUSH THE AMBITIONS OF BULGARIA

A.D. 1913

PROF. STEPHEN P. DUGGAN

CAPT. A.H. TRAPMANN

The crushing defeat of Turkey by the Balkan States during the winter of
1912-13 had been accomplished mainly by Bulgaria. The Bulgarians were
therefore eager to assert themselves as the chief Balkan State, the
Power which was to take the place of Turkey as ruler of the "Near
East." Naturally this roused the antagonism not only of Bulgaria's
recent allies, Greece and Servia, but also of the other neighboring
State, Roumania. Bulgaria hoped to meet and crush her two allies before
Roumania could join them. Thus she deliberately precipitated a war
which resulted in her utter defeat. From this contest Greece has
emerged as the chief State of the eastern Mediterranean, a