For the current year the Chancellor of the Exchequer's Esti-
mates were as follows :—
Total Revenue for 1877-78 £79,020,000
—showing a surplus of about £226,000 (more exactly, £225,956). The very large miscellaneous revenue includes £750,000 for in- terest on Public Loans, .1199,000 in respect of the interest received from the Khedive on account of the shares in the Suez Canal, £338,000 for County Court fees, £900,000 from Indian revenue for effectives and non-effectives, and other smaller items which make up the whole. Sir Stafford North- cote pointed out that our system of accounts is tending more and more to swell the apparent taxation as distinguished from the real, and he showed that at the present time we only raise out of taxation proper (as distinguished from payment for services like
... £78,794,044 Total Expenditure for 1877-78
REVENUE.
••• •••
EXPENDITURE.
Permanent Charge for Debt Interest on Local Loans ...
Charge of Suez Loan ...
Other Consolidated Fund Charges Army Home Charges of Forces in India... Army Purchase Civil Services Customs and Inland Revenue Post Office ...
Telegraph Service ...
Packet Service ....£28,000,000 • 220,000 • 200,000 1,600,000 .•• 14,538,700 ..• 1,000,000 500,000 ••• 10,979,829 ••• 13,726,198 ••• 2,767,165 ••• 3,261,461 ••• 1,232,814 ••• 767,877 ... £19,850,000 27,500,000 10,920,000 2,560,000 5,540,000 6,100,000 1,300,000 410,000 4,840,000 Customs Excise
Stamps ... ••• Land Tax and House Duty Income-Tax Post Office ... Telegraph Service ... Crown Lands Miscellaneous the Post Office, the Telegraph, and the revenue from Crown Lands, &c.) £65,600,000, while £13,400,000 of our nominal revenue is not due to taxation at all. At the close of his speech Sir Stafford Northcote paid a graceful tribute to the late editor of the Econo- mist, Mr. Walter Bagehot, referring gratefully to the aid he had rendered to the Government in devising the new system of Treasury bills, and speaking of his loss as one which the whole country will feel.
