31 MARCH 1923, Page 2

The prospects of the Budget become rather brighter in the

last days of the financial year. Up to date, there is a surplus of about 1180,000,000 as compared with a( anticipated surplus of just under 21,000,000. The surplus, • it is true, is due to the fact that expenditure was greatly over-estimated a year ago. But as the surplus may be said to have been derived largely from over-taxation in the year that is ending the argument which we have bet forth in our first leading article is strongly reinforced.