On Monday night Sir Michael third war Budget. The revenue
year are as follows :- Total expenditure Total revenue Deficit 252,524,000
But during the year £56,553,000 was realised by the creation of £60,000,000 of Consols. Therefore there remains in the hands of the Treasury £4,029,000. In the coming year the Chancellor of the Exchequer estimates that he will have to meet an expenditure of £174,609,000. Now if he left the taxes as they are, be calculates he would receive a revenue of £147,785,000. This would mean a deficit of 226,824,000. But in addition he expects to have to find money for the South African Constabulary, for a grant-in-aid to the West Indian
Hicks-Beach opened his and expenditure for last £195,522,000 142,998,000 Colonies to keep their heads above water till the abolition of the sugar bounties, and for interest on the new Debt. These charges, he calculates, must be reckoned at £18,500,000, which makes the total deficit for which he must provide £45,324,000.
