5 APRIL 1930, Page 3

The National Deficit The financial year came to an end

on Monday, and the Chancellor of the Exchequer found himself with a deficit of t14,500;000. Not only the Government's expenditure, chiefly on the Unemployment Insurance Fund, has been against him; several of Mr :Churchill's estimates of revenue were much too hopeful. All the signs convey a stern warning, yet Mr. Snowden's Estimates for the Supply Services show a net increase of more than £25,000,000. This at a time when the revenue can no longer be counted upon to provide a regular expansion without any addition to taxation. Fresh taxation of some sort is inevitable.