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The Army Estimates show a reduction in the estimate of

495,6411., being 14,348,447/. as against 14,844,088/. voted last year. Moreover, the amount of extra receipts is estimated at 378,998/., so that the total reduction in charge is 874,639/. The Navy Estimates show a net decrease of 316,4171., obtained chiefly on the votes for naval stores, so that between the two services Mr. Gladstone will get a total diminution of charges to the amount of 1,191,056/. On a very moderate computation therefore we may suppose he will have 3,000,000/. surplus for the remission of taxation. The excess of revenue can be scarcely less than 2,000,000/.

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