A National Surplus The revenue's famous " resiliency " has
surpassed all expectations. The Chancellor's estimate was exceeded by £18,000,000, and for the first time since 1930-31 revenue was greater than in the previous year ; 1935-6 re-venue was greater by £36,500,000 than in 1934-5.. Expenditure also was greater, exceeding original estimates by £16,000,000, expenditure on defence being greater by £23,000,000 than in 1934-85, and by £12,700,000 than the Budget estimates. In spite of this, the. financial year closed .with a surplus of £15,500,000, or a realised surplus of £3,000,000 after £12,500,000 has been. applied to debt redemption. The increase in revenue • indeed shows a remarkable revival of prosperity, and . it is satisfactory to be able to spend so much more than we intended and still have so much over at the end. In happier times we could. hope for a reduction in :taxation or an extension of social services which are urgently necessary, but there can be no prospect of that now. Defence estimates are up by £84,000,000 and civil estimates by £15,000,000 ; a further expansion of £36,000,000 in the revenue next year, which is to be expected, will no more than cover estimated expenditure ; and this estimate makes no allowance for the White . .
Paper rearmament programme. White-Collar Insurance
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