For the coming year, the income and expenditure, if no
fresh taxes were levied, would be :-
Revenue (on existing basis of taxation) ... £90,955,000
Expenditure ... ••• ••• 95,4,58,000 Deficit ... &1,502,000
That is, the Government will be obliged to raise t,502,000 by new taxation. The manner in which Sir William Harcourt proposed to accomplish this was by appropriating the new
Sinking Fund, by reforming the Death-duties, by altering the Income-tax, and by placing an extra sixpence a gallon on spirits, and an extra sixpence a barrel on beer. The figures work out thus :—
Sinking Fund appropriated ... £2,123,000
Death-duties (gain on) 1,000,000 Increased Beer and Spirit duties ... 1,390,000 Income-tax (1d. extra) £1,780,000 Less abatements ... 1,450,000 330,000 The new taxation would yield, that is, £4,793,000, and the net result would be :-
Total revenue ... ... £95,749,000 Total expenditure ... 95,458,000
Surplus... ... £291,000
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