TuE NATIONAL FINANCES.
While the National Revenue for the first quarter of the current financial year makes an encouraging showing, it would, I consider, be a great mistake to overlook the .other side of the balance-sheet, where a great rise is shown in Expenditure. The increase of £1,197,000 in the Revenue is fully up to expectations, but the increase of 27,694,000 in Expenditure is ahead of what had been expected. As a result, the current deficit for the first quarter of the year i4 £6,497,000 greater than at the same .period last year. More- over, this increase in Expenditure is really greater than it appears, for there was a saving of over £1,000,000 in Expendi- ture on Debt Services, and the " Supply " Expenditure at £109,000,000 was nearly 0,000,000 higher than in the correo- spending period last year. There are also some heavy Supplementary Estimates to be borne in mind.
Previous page
