§ Now I have completed my review of the past, and I turn to what I know you are all anticipating—the prospects of the future. I will take the expenditure for the year first. The Consolidated Fund services, including the charge for the sinking fund on the old debt, and £3,650,000 for interest on the war debt, will amount to £29,450,000; the Army Estimates £69,665,000; the Navy Estimates £31,255,000; the Civil Service Estimates, including £1,800,000 special grant in aid in "South Africa, £26,448,000; Customs and Inland Revenue Services £3,039,000; Postal Services £14 752,000; making a total of £174,609,000.
§ The revenue on the present basis of taxation should yield as follows: Customs, allowing for a full year's yield of coal duty, £32,800,000; Excise, in which again there are no forestalments, £32,700,000; Death Duties, which I must put at a million pounds lower than last year for the reason I have stated £13,200,000; Stamps, £8,200,000; hand Tax and House Duty, £2,500,000; Income Tax, £36,600,000: total Tax Revenue, £126,000,000. Then comes the non-tax Revenue: Post Office £14,800,000; Telegraphs, £3,630,000; Crown Lands, £475,000; Suez Canal 172 and similar receipts, £880,000; miscellaneous revenue, £2,000,000, making a total non-tax revenue of £21,785,000. This makes a total revenue on the present basis of taxation of £147,785,000. Deducting that from the estimated expenditure will leave a deficit of £26,824,000.