The surplus on the financial year which is just finished
will hardly be quite as large as was expected, a result partly due to the last week of March falling at Easter-time, when it is not easy to collect as much revenue as is usually paid in. in that final week of the financial year. The surphneof revenue over the Chancellor of the Exchequer's estimate will be about 21,880,000; but then, unfortunately, the surplus of expendi- ture over the Chancellor's estimate will also be considerable, and taking this into account, it is feared that Mr. Goschen's .surplus for the completed year may fall as low as 21,300,000. It does not follow, of course, that he will not have a considerably larger surplus to count upon for the next financial year ; but the prospect does not look quite as cheerful as we bad at one time reason to hope.
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