2 APRIL 1904, Page 3

The final returns of Revenue for the year published on

Friday show a deficit on the Eitimates of £2,700,000. There is no marked falling off in any particular item, but a general decrease of • receipts from such sources as Customs, Excise, and Stamp Duties, which is the index of a slight set-back of trade. As the expenditure has considerably exceeded the Estimates, we have to face a defioit of £6,900,000, which, deducting unspent sums, will mean a realised deficit of about £5,500,000. Though this is less than the £8,000,000 defiCit which many people feared, it is unpleasant enough, and will prevent any attempt to reduce the unfunded Debt to a proper level,