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The current year, Mr. Chamberlain continued, would be wholly abnormal,

though the expenditure would be less than half that of last year. The Estimates which he had presented were largely conjectural. Since they were published, he had had to lend the Allies £28,000,000, and to provide £20,000,000 for the coal industry, £8,000,000 for unemployment benefit, and so on. The Debt charge would be £360,000,000. The total expenditure would probably amount to £1,434,910,000. The revenue, including £300,000,000 from Excess Profits Duty and £200,000,000 to be realized from the disposal of surplus war stores and plant—which he valued at four times that amount—

would be £1,159,650,000 on the present basis of taxation. The deficit of £275,260,000, or perhaps £300,000,000, had to be met by fresh taxes and loans.

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