Mr. Goschen delivered his Budget speech on Monday night, nearly

a week before the expiration of the financial year, so that for the last week his account of the expenditure and revenue was only estimated. He apologised for a statement of unusual length on the ground that he had, in fact, for the first time two Budgets to explain, the Budget of Imperial and the Budget of Local finance. With regard to the Imperial expenditure and revenue of the financial year which closes to-day, Mr. Goschen gave the following account :—

EXPENDITURE (1887-28).

-88 .

Army 219,167,000

Rim-Evros (1887)

Customs 819 690,000 Navy 12,326,000 Excise 25 597,000

Civil Serv1ee

18 210,000 Stamps 12,940,000 Post Office 0,40.3,000 Land-tsx 1,050,000 Telegraphs 1,910,010 House-duty 1,895,000 Packet Service 693,100 Income-tax 14,340,000 Customs & Inland Revenue 2,703,000 Total Tax Revenue 275,447,000 259,453,000 Interest on National Debt... Post Office 27,972,000 28,650,000

Telegraphs 1,950,000

Crov:n Lands 390,000

Interest on Advances 242 000

Miscellaneous 2,910,000

Non-tax Revenue £14,142,000 Total Expenditure 287,424,000 Total Revenue 289,599,000

The expenditure on the Services had fallen short of Mr. Goschen's estimate with regard to every item, the total saving having been £422,000. The revenue had exceeded the estimate under the heads of Customs, Excise, Stamps, Post Office, Crown Lands, and the Interest on Advances ; while it had fallen short of the estimate in relation to the heads of Land. tax, House-duty, and Miscellaneous Revenue. Under the other headings the Estimates had been exactly realised. The actual revenue received had exceeded the estimate formed of it last year by £1,454,000, that estimate having been £88,135,000, against £89,589,000 actually received. As the saving on expenditure was £422,000, and the surplus on which Mr. Goschen had counted was £289,000, the total surplus of the year was made up of these three sums, and amounted to £2,165,000, the largest surplus since 1873. Indeed, taking into account the provision made for repayment of debt, and adding this surplus to it, the total diminution of liabilities during the year had been £7,601,000, a highly satisfactory result.