The revenue for the past year, Mr. Bonar Law said,
had exceeded the estimates in every branch. He expected £638,600,000 ; he received £707,235,000. The Income Tax and Super Tax yielded /239,500,000—£15.500,000 above the estimate—and the Excess Profits Duty yielded £220,000,000, or £20,000,000 more than was anticipated. The Entertainments Tax, though delayed for a quarter and somewhat reduced, brought in £5,000,000, or £500,000 more than the estimate. The excess of revenue from tobacco was £1,700,000, showing that the smoker paid the higher duty rather than give up his habit. Mr. Bonar Law warned the House not to attach undue importance to the prosperity reflected in the Revenue Returns. The test would come when we ceased to live on loans. But our permanent revenue showed an excess of £20,500,000 over the estimate, whereas our Debt charge had not exceeded the estimate by more than £13,500,000, so that if the war had ended we should have been able to pay our way.
Previous page
