§ I now turn to the revenue on which we can reasonably reckon—taking, of course, the existing basis of taxation. May I say just one word before I come to the figures? I notice that there is some inclination to charge me with having brought pressure to bear upon the officials to raise their estimate of revenue beyond that which commends itself to them. I need hardly say that there is not the smallest foundation for any such charge. I think that any Chancellor of the Exchequer who ventured to take a step like that, and who in consequence at the end of the year had to face a deficit, would deserve the strongest condemnation. No Chancellor of the Exchequer can hope always to escape deficits, but certainly any deficit made in such a manner as that suggested is one for which no defence can be found.
§ I am able to estimate Customs at £36,640,000, which is £2,207,000 in excess of the receipts of 1902–3. The increase is due to three causes. Last year the receipts were unduly depleted by the clearances at the close of the year before; then I am able to expect better receipts from sugar; and this year the receipts are rather swollen by the tendency there was during the last month or two to hold back in anticipation of a remission. I take Excise at £32,700,000, which is an increase of £600,000 over last year. I take Death Duties at £13,000,000 or £550,000 less than in 1902–3 because the arrears have been all worked off. I think I may put Stamps at a rather higher figure, viz: £8,400,000; Land Tax and House Duty together are expected to yield £2,600,000,and IncomeTax£39,000,000. This brings the total anticipated proceeds from taxation to £132,640,000. The non tax revenue is expected to yield £22,130,000; namely, the Post Office £15,300,000, which allows for an increase of £550,000; Telegraphs 252 £3,800,000, which allows for an increase of £170,000; Crown Lands £445,000; Suez Canal shares, etc., £935,000, and miscellaneous revenue £1,650,000, which allows for a further falling off in the Mint receipts. Taking the revenue from taxes and the other revenue together, the total amounts to £154,770,000, and the estimated expenditure to £143,954,000, leaving an available surplus of £10,816,000.