The financial year ended last Saturday, and the Revenue Returns
show a gratifying increase. With the exception of Estate-duty, all the major branches of revenue have exceeded the Estimates. In Customs the late Chancellor of the Ex- chequer anticipated a decline of £1,680,000, owing to the reduction of the Tea-duty, but the expansive power of the revenue is shown in the fact that the actual figures exceeded estimates by £425,000. Income-tax exceeded its estimates by 2350,000 and last year's record by £100,000; while Posts and Telegraphs exceeded estimates by £400,000. The result is a net increase of 2696,202 as compared with the receipts for 1904-5, and an excess of revenue over estimates of £1,523,000. The Estimates provided for a surplus of £249,000, and there has been a saving in expenditure of £1,719,000. This gives a total realised surplus of £3,491,000. Of this surplus a certain amount will probably be wiped out by Debt charges, and a considerable portion will go to the Sinking Fund. But if it is reasonable to hope for a surplus of from two to three millions in the current year, the Chancellor should have a fair sum in hand to devote to the reduction of taxation. The abolition of the Coal-tax and some reduction in the Income-tax are the forms of relief most generally demanded.
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