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On Monday Mr. Churchill, in introducing his Budget, spoke for

two and a half hours in his best form. He estimated the revenue for the coming year at £826,680,000, and the expenditure at £822,584,000. There ought thus to be a surplus of £4,096,000. The estimated expen- diture includes rating relief, the Sinking Fund and the Self-Balancing . Fund (Post Office and Motor Duties). The feature of the Budget which has naturally attracted by far the greatest amount of attention is the repeal of the tea duty. If the tea importers want to know the exact state of their market, they will have to set up sonic organization for calculating the total amount of tea in hand. Hitherto they have relied upon the figures issued by the Customs authorities. -

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