16 MAY 1908, Page 3

According to the Return 'published in the London Gazette of

May 12th, the revenue from April 1st to Saturday last was £14,762,532, a decrease of £2,256,936 as compared with the £17,019,468 in the corresponding period of last year. Very possibly there is some special reason for this decline, and the significance of the figures may therefore easily be exaggerated. We fear, however, that it is too much to hope that the record figures of last year can be maintained. Yet the Budget can only be defended on the ground that the revenue is not merely to remain as productive this year, but that it is actually going to increase in the next year or two.