NEWS OF THE WEEK.
"j[ It. ASQUITH introduced his Budget on Thursday _al afternoon. The actual revenue received during the year 1906-7 was £144,814,000, and the actual expenditure £139,415,000. There is thus a realised surplus of £5,399,000. That sum, it is hardly necessary to remind our readers, is not Mr. Asquith's to spend or to give away, but is automatically banded over to the Commissioners of the National Debt. This large surplus is certainly most gratifying, but when its origin is examined in detail it will be Been that it is to a very considerable extent due to accident. For example, the Coal. taxin its last throes produced 2334,000 more than was anticipated owing to an unexpected activity in the export trade. Again, the Estate-duties yielded 21,200,000 more than the Estimates owing to an unexpected mortality among the millionaires. There was also an increase of £441,000 in the profit of the Mint, which was quite unexpected. One of the contributory causes of the sudden rise in the demand for silver coin was, Mr. Asquith stated, the General Election. Taking the taxes on the present basis, Mr. Asquith estimates that the revenue for the current year—that is, 1907-8—will be £144,190,000. The expenditure for the current year, on the other hand, he estimates at 2140,757,000. This gives him an estimated surplus of 23,433,000. This sum, plus £600,000 due to the increase of the Death-duties, is the sum which Mr. Asquith has at his disposal.
