§ (In the Committee).
§ Mr. MELLOR in the Chair.
§ *THE CHANCELLOR OF THE EXCHEQUER (Sir WILLIAM HARCOURT,) Derby
who was received with loud cheers, rose to make his annual financial statement. He said:—Mr. Mellor,—The Revenue of the year just concluded was estimated at £94,175,000. It has realised £94,684,000. The expenditure was estimated at £93,884,000. The issues to meet the expenditure amounted to £93,918,000. The realised surplus of the year is, therefore, £776,000, as compared with the estimated surplus of 294 £291,000. This sum of £776,000 will be appropriated to the liquidation of the permanent Debt under the name of the old Sinking Fund, and will more than exceed the debt created within the year for the barracks and telephones. The Revenue of the year has, therefore, more than covered the expenditure within the year. Having regard to the vast increase of expenditure and the enormous deficit we were called upon to face, this is a result which may be regarded as not unsatisfactory.