In circumstances such as these, and in accordance with precedent,
the Chancellor of the Exchequer might be expected to propose new taxation to meet the greater part of his estimated deficit. Such peddling pessimism, such dulness of spirit, such want of belief in his countrymen's power of con- tributing to the revenue are, however, spurned by Mr. Lloyd George. He will have none of these dreary anticipations. He knows nothing of panic talk about being on the safe side or not counting your chickens before they are hatched. On the contrary, he is certain that he is going to hatch out not only as many millions as he did last year, but some seven millions more. He estimates that not only will there be no falling-off in revenue, but that there will be an increase of over six and a half millions. Add to this a million which he meant to spend on the Navy last year, but which, owing to the coal strike and other reasons, could not be expended, and the ti ing is done. With a wave of the con- jurer's wand and a torrent of conjurer's patter the deficit of 27,500,000 has disappeared, and a neat little estimated surplus of 2185,000, for all the world like a trick rabbit, has taken its place. Here is Mr. Lloyd George's financial surprise packet tabulated :—
Estimated receipts for 1913-1914 ... .£194,825,000 To be appropriated out of Exchequer balance... 1,000,000
.6195,825,000
Estimated expenditure ...
••• ••• ...
195,640,000
--Estimated surplus ... ••• eo• - £185,000
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