§ Considered in Committee.
§ (In the Committee.)
§ [Mr. J. W. LOWTHER (Cumberland, Penrith) in the Chair.]
§ *THE CHANCELLOR OF THE EXCHEQUER (MR. AUSTEN CHAMBERLAIN, Worcestershire, E.)In rising to make the Budget statement for another year I cannot but recall the singular kindness which the Committee showed to me a year ago, and I venture to hope that they will extend to me a similar indulgence on the present occasion. Happily, the account which I have now to give of the national finances is less unfavourable than that which it was my duty to present a year ago. At that time the year which had just closed had resulted in a heavy deficit, and the resources of our then existing taxation were inadequate, not merely to make good any part of the realised deficiencies, but even to meet the requirements of the estimated expenditure of the new year. To-day I meet the Committee under happier auspices. The results of the past year, though lending no support to the exaggerated expectations which, I fear, have been formed in many quarters, are at least sufficient to show that we have turned the corner, and that we have 1046 done something more than establish an equilibrium between expenditure and revenue.