RISE IN CUSTOMS RECEIPTS.
As against the actual and prospective decline in Income and Sur-tax revenue has, however,, to., be set the great advance under the head of Customs and Excise. Under the head of Customs the Chancellor budgeted for an increase for the year of C38,000,000, and for the
(Continued' on page 518)
Finance Public and Private - (Continued from page 517.) first six months there is already an increase of over £17,000,000, while in Excise, where an increase for the whole year of £5,530,000 was expected, the gain already amounts to nearly £4,000,000. Of course, this great increase does not represent any expansion in the turnover in trade, but is rather the result of the new duties im- posed. On the other hand, it must be remembered that sonic of these duties have not been in force during the whole of the past six months, and, consequently, unless there should be sonic further retrogression in trade, it seems reasonable to expect that the -Chancellor'S original estimated increase under the head of Customs and Excise will be fulfilled, if not actually exceeded: Moreover, thanks to the rappreciation which has taken place in gilt-edged securities, the outlook for Estate Duties is brighter, and whereas for the first quarter of this year there was a decline of £630,000 under that head, the six months' receipts show an increase of £4,500,000. Similarly, increased financial activity is reflected in the revenue from Stamps, which for the first quarter showed a decline of £270,000, but for the six months show an increase of £380,000.
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