We deal with the Labour situation in our leading columns.
We need only say here that no stoppage of work has yet resulted in any of the affected industries, except, of course, among the farm labourers in a few Norfolk districts and among the miners of tile Rhondda Valley, who have struck against non-Union labour.
The financial year ended with the unprecedented surplus of over £100,000,000. The actual figures of the Estimates and of the Revenue are as follows :- Estimated Revenue
.. • . .. £910,775,000 Actual Revenue ..
• . .. 914,012,452 Estimated Expenditure ..
.. £908,000,000 Actual Expenditure .. • .. 812,496,604
Surplus • •
• • • • .. £101,515,848
Income-tax yielded /50,000,000 more than the estimate. Excess Profits Duty, on the other hand, yielded only. 12,000,000 instead of the estimated £27,800,000. The special receipts from the sale of war stores, &c., produced only 151,000,000 instead of the estimated £90,000,000. Expenditure on the Supply Services was-E92,000,000 less than the estimate. The Income-tax and Excess Profits figures tell their own tale. There was no prosperity in trade and the taxpayer paid too much. These two facts were no doubt intimately related. Trade would have been better if the taxpayer had -been able to put more capital into it.
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