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The estimated revenue for 1922-23 was £956,600,000, of which £90,000,000

was special revenue. The Chancellor said that ho contemplated a falling revenue, because the people's savings were exhausted. He anticipated a decline of £46,343,000 in Customs and Excise, including the loss of £18,000,000 hitherto derived from Southern Ireland ; the total yield would be £278,000,000. Inland Revenue was expected to produce £481,000,000, as against £521,000,000 last year—including £362,200,000 for Income-tax and Super-tax, £19,750,000 for Corporation Profits Tax and £29,800,000 for Excess Profits Duty. The Motor Tax was to yield £10,600,000, the Post Office £60,275,000, and, among other items, special receipts £90,000,000. Any sums that Germany might pay in reparation would be treated as windfalls.

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