As regards the comparison between the estimates of revenue and

the actual revenue, the estimate had been for £71,846,000, and the actual revenue was £76,608,770, so that the actual revenue had exceeded the estimate by £4,762,770. Of this excess the Customs had contributed £953,000; the Excise, £2,475,000; Stamps, £247,000; Income-tax, £560,000; Post Office, 250,000 ; and Telegraphs, £600,000. The estimated loss on coffee, due to the reduction of duty, had been less than was expected by £8 ,000, showing that there had been a recovery owing to the reduction of duty. Mr. Lowe made no clear exposition of the items of the expenditure for the coming year, the total of which he puts at £71,871,000. He estimated the revenue, if no duties are taken off, at 276,617,000, allowing for a total increase on the actual revenue of last year of only £8,230,—i.e., he practi- cally estimates the revenue as the same with the revenue of last

year. Its details are as follows :-

Customs

£21,033,000

Excise

25,747,000

Stamps

10,050,000

Land Tax and House Duty

2,350,000

Income Tax

7,000,000

Post Office

5,012,000

Telegraphs

1,220,000

Crown Lands

375,000

Miscellaneous

3,830,000

£76,617,000

—and comparing this with the estimated expenditure of £71,871,000, Mr. Lowe got a surplus of £4,746,000.