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Mr. Chamberlain on Finance In his speech at the Mansion House on Tuesday the Chancellor of the Exchequer was able to say cheering words about revenue. The improvement in trade has enabled him to reap a richer harvest from both direct and indirect taxation than he had budgeted for. But unfortunately revenue is only one side of the account. Expenditure has already exceeded the amount anticipated by £10,000,000, and that without allowing for new .expenditure on the defence forces. How much this will come to cannot be estimated until we know what new commitments the European situation may compel .us to accept, or, apart from that, what additional•expendi, -hire some elements behind the Government may persuade it to adopt. Having played upon the fears of his audience in the traditional cat-and-mouse manner of his office, Mr. Chamberlain concluded his forecast by saying that though he was not sanguine about a large surplus he had no reason to anticipate unfavourable results at the end of the financial year.
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