A Revenue Surplus A week before the end of the
financial year the revenue showed a surplus exceeding £13 millions over ordinary expenditure. It was due to yields above the estimate in the direct taxes—Income Tax and Death Duties— and reflects the distinct, though limited, improvement in trade. As receipts usually come in well during the last days, Mr. Neville Chamberlain should have an appreciable balance on the right side to help him in framing his Budget. But the harassed taxpayer, still staggering under the greater part of 1931's burdens, had better not be too sanguine of relief. Before anything can he done for him, the large total increase in the Army, Navy, and Air Force Estimates for the coming year will have to be met, and may quite well swallow up all or most of the balance. Perhaps it is no bad thing at a time when we stand near the parting of the ways in international affairs, that the cost of the old way—that of competitive armament—should be brought so directly home to us.
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