THE NATIONAL REVENUE.
At first sight the Revenue Returns for the first nine months of the current year, which were issued on December 31st, are rather alarming, the statement showing a deficit up to that (late of about £150,000,000. As a matter of fact, how- ever, and unless there should be unpleasant surprises in the next three months, the chances are that the financial year will end next March with a small surplus. I base this expectation first on the fact that Mr. Churchill is benefiting greatly by windfalls in the shape of unexpectedly heavy revenues from Estate Duties. In the second place, the Chancellor of the Exchequer in his last. Budget provided from various quarters for an extra £30,000,000 of revenue which has not yet been ingathered. In the third place, the big deficit up to date is partly due to expenditure for the entire year by the Exchequer for the Sinking Fund having been somewhat anticipated. In the fourth place, it is always in the final quarter of the year that the Income and Super Tax flow in with great rapidity.
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