§ The death duties produced £13,000,000—that is £300,000 less than the estimate. Their course during the year has been wholly normal, and the falling off is due entirely to the great depreciation in Stock Exchange values, which has caused the total value of individual estates to be lower than it 549 otherwise would, and, of course, has in some cases had the effect of removing an estate from a category of higher graduation to a category of lower graduation. In fact, it is hardly too much to say that it was almost the duty of a prudent millionaire to take the opportunity of stocks and shares being so low to pass his property in the ordinary way to his successor. Stamps were estimated to yield £8,400,000, and they produced only £7,500.000, less by' ££00,000 than the estimate, and less by £700,000 than the actual yield of the preceding year. In that year the stamp revenue was £8,200,000. It was collected regularly throughout the year, and showed no sign of falling off in the last quarter. It was hoped in the past year that we might have seen a great revival of industrial activity in South Africa, which would have had its effect upon Stock Exchange transactions at home. But the past twelve months have been a period of extreme depression on the Stock Exchange, and we have obtained less revenue both in consequence of the falling off in the number and value of stocks and shares transferred and by reason of lower receipts from the companies' capital share duty, owing to there having been fewer flotations of new companies in the year. This closes my review of revenue.