For the past year, the final Budget estimate of revenue
had been 289,869,000, and of expenditure 289,610,000, leaving an estimated surplus of 2259,000. The Supplementary Estimates swelled the expenditure by 21,259,000, giving a total estimated expenditure of 290,869,000 in all. But 2872,000 had not been spent, and the revenue had exceeded the estimate by 2904,000, so that the actual expenditure was 289,997,000, and the actual revenue 290,773,000, leaving a final surplus for the past year of 2776,000, instead of the estimated deficiency on the total Estimates. For the current year, Mr. Goschen's estimates
were as follows :—
FSTIKATan REVENUE (18g7438). ESMIATED EXPENDITURE (188788).
Custom. £20,560,060 Excise 25,292,000 Permanent Charms on Debt 08,087,000 Interest on Staking Fund ... 641,000 Stamps Land-tax 11,658,000 1,00,000
Sees Canal end Exchequer
Bonds 200,000 House.duty 1,910,000 Other Charges 1,713 917 Income-tax 15,900,000 Army 18,393 900 Tax Revenue
git7Sernee
12,476.8W 17,981.508 A76,035,000
Customs 6 Inland Revenue 2,715,727 0.600.000 Post Office Post Orme 5,490,770 Telegraphs 1,950,000
TelegertaN102,,SBIZiCe
1,950E48 Crown Lands 870,000 Pack 699,311 Interest on Advance.
Miscellanea,. 1 900.000 3,000,000
Non-tax Refenue ... 615,120,000
Total Revenue
01,155,000 Total Expenditure 690,180,211
This would leave a balance, if no change were made, of 2974,789. Mr. Goschen, however, proposes to make several important changes. First, he gains 2100,000 by a new charge on Debenture Stock of 108. on the transfer of each 2100, which
increases his balance to 21,075.00Q, speaking in round numbers. Then he proposes to change the Sod charge for debt, which the late Sir Stafford Northcote fixed at 428,000,000, to 226,000,000, looking to the inelastic condition of, the revenue which has grown up since 1874. This would give him a gain of 21,704,000, and increase his surplus to 22,779,000. He then remits a penny of the Income-tax, and allows the farmers to pay Income-tax estimated by profits instead of by rent, a very great boon. This will amount in the first year to a loss of 21,560,000. He reduces the Tobacco-duty from 3s. 6d. to 3s. 23. in the pound, which makes another loss of £600,000; he makes a small reduction in the duty on Marine Insurances ; and, finally, he transfers the Carriage-duty to local authorities in England and Scotland, giving Ireland an equivalent sum for main drainage. This will cost him 2320,000 in all,-2245,000 for England, 235,000 for Scotland, and 250,000 for Ireland. The remissions, taken together, are therefore 22,480,000, which being deducted from £2,779,000, leaves an estimated surplus for 1887-88 of 2299,000, or, in round numbers, of 2300,000. The Budget was, on the whole, cordially received.
