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The Chancellor of the Exchequer could only promise one decrease

in expenditure, and that was £450,000 less outlay on our African protectorates. It will thus be seen that the now expenditure by itself eats up very nearly the whole of the surplus. The Chancellor no doubt assumes that the auto- matic increase of revenue will find a set-off in the effects of the strike. We cannot find space to give the Chancellor's estimates or guesses in regard to the various items, but on the whole he expects the total revenue for the coming year to be £187,189,000, and the total expenditure £186,885,000. He therefore estimates for a surplus of £304,000 at the end of the financial year.

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