In Customs and Excise there is an apparent deficiency of
£5,500,000, which Mr. Lloyd George said is due to the failure to collect the additional License-duties for liquor and motor- cars. The drop in the receipts from Spirit-duties was £2,800,000, and in those from tea £131,000. He was inclined to think that the decrease in the consumption of spirits was as much as 22 per cent. As regards Death-duties, his estimate had been 221,450,000, and the receipts were 221,766,000. As there were also arrears of 21,380,000, the estimate would be exceeded by £1,696,000. Under the head
of stamps, the rejection of the Budget had caused a loss of £600,000. The loss of Income-tax owing to the rejection of the Budget might be about £350,000. He hoped that the arrears of revenue would be collected before the Treasury borrowings became due. Finally, he .dwelt on. the fact that the balance of £2,900,000 which he foresees would have been £4,200,000 but for the action of the Lords. We have dealt with the financial problem elsewhere, and will only say here that the financial prospects for 1910-11 are dark and pre- carious. It will probably be necessary to raise another eight or ten millions of new taxes. On Wednesday night the Financial Resolutions were passed through Committee in the House of Commons by majorities varying between 83 and 86. The Finance Bill was then read for the first time.
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