The financial year ended on Tuesday, and has resulted in
a total revenue.of 2156,537,690, which is £1,501,204 more than in the year 1906-7 and 23,703,000 more than the estimated amount. The figures for the December quarter had shown a falling off, and did not justify the expectation of so large a surplus, but the recovery in the last quarter was considerable. The Death-duties have once more brought in a good deal more than was estimated; but of course it is quite impossible to predict the yield of this tax. The most notable increase is in the Income-tax, and it is to be explained largely by the greater rigour with which thi collection was made. ' Owing to the reduction of Income-tax on incomes under £2,000, Mr. Asquith had estimated the revenue from this source at £1,100,000 less than in 1906-7, but as a matter of fact there has been an increase of 2780,000 on that year, giving altogether 21,880,000 more than he expected. As we have said, the surplus of revenue is £3,703,000; but to this must be added the amount which has been saved on the year through expenditure being less than was expected in the Supply Services. This saving is £1,493,000. The total surplus which Mr. Asquith has in band over his Estimates may therefore be reckoned as 24,963,000. This realised suni will, of course, go to the paying off of debt, but he is to be congratulated on the possession of a very handsome prospective surplus, and we can only hope that he will not create new causes of tit:Lawn which would eventually ruin the fiscal system under which this most satisfactory revenue has been produced.
Previous page
