The following is the exact estimate of expenditure and revenue

(as proposed by Mr. Lowe, including, of course, the new duties) for the current year 1871-2 :-

ESTIMATED EXPENDITURE. ESTIMATED REVENUE.

£26,910,000 Customs ....C20,100,000 Interest of Debt ... ' Other Consolidated Fund

Excise ...

2-2,420,000 Charges.. .

1,8'20,000 Stamps ... ... 9,600,000

Army (includingabolition of

Taxes... ... 2,330,e00 purchase) ... 16,4-52,000 Income-Tax ... 8,050,000 Navy 9,756,000 Post Office 4,670,000

Civil Service

10,726,000 Telegraphs ... 750,000 Revenue Departments ... 5,076,000 Crown Lands 875,000 Packet Service ... ... 1,148,000 Miscellaneous ... 4,100,000 Telegraphs 420,000

672,395,000

Total Revenue–, ...

L72,308,000 Total Expenditure... ...

Estimated surplus, £87,000. The estimated revenue, without any change in the taxation, would have only reached £69,595,000, with a deficit of £2,713,000. Mr. Lowe has estimated a decrease on almost every branch of the revenue, instead of the usual in- crease ; —professedly on the ground that the past year has been so exceptionally prosperous that we cannot count on its continuance, —really, we imagine, because 1872-3 will have heavy special bur- dens of its own, for which he wants to smooth the way.