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Mr. Chamberlain began by stating that the expendi- ture for

the past year had been £2,579,301,000— or £392,896,000 less than the estimate--and that the revenue had been £889,021,000—or £46,971,000 more than the estimatp. The deficit, met by loans, had been £1,690,280,000, or £439,867,000 less than was feared a year ago, when it was doubtful whether the war would end in 1918. Nearly every branch of revenue had shown an increase, except the Death Duties, which by chance were a million less than the estimate, and the Excess Profits Duty, the proceeds of which would consequently be larger this year. The twopenny cheque stamp had yielded over £1,500,000, instead of £750,000.

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