§ I pass now to the estimated revenue of 1906–7. The expenditure on Imperial account to be provided for out of the Budget being £141,786,000, I have to inquire upon what revenue I can reasonably count on the supposition that taxation remains unchanged. First of all, I should mention that the present financial year is, from the Chancellor of the Exchequer's point of view, a tiresome freak of the calendar. April 1st last was a Sunday, and March 31st, 1907, will be a Sunday; and thus the year will contain fifty-three Sundays instead of the normal allowance of fifty-two. And, Sir, there is still worse to come—;from a fiscal point of view. Owing to the vagaries of the moon, Easter, which came in April this year, will next year fall in March, and there will consequently be included in the financial twelve months two Good Fridays. I am thus compelled to make a more sober estimate than I should otherwise do of certain important sources of revenue; though against this influence is to be reckoned the growth of population, and, I hope, an increased spending power of the people. I estimate the decrease of customs at £245,000. This allows for a further fall in the receipts from foreign spirits and a reduction in the yield of tea, on the assumption that the duty will be at 6d. for all the four quarters of the year, instead of, as last year, at 8d. for the first quarter and at 6d. for the other quarters. On the other hand, I estimate a slight increase in sugar and tobacco. Excise remains practically the same with a diminution of £30,000. I should, anticipating a diminished consumption of alcohol, put it lower still; but in 286 the March quarter the beer duty has shown some signs of recovery. I allow for a slight decrease in stamps and a slight increase in the estate duty and a considerable increase in Post Office and telegraph service, £840,000. Therefore, the estimated revenue for 1906–7 on the basis of existing taxation is as follows:—;Customs, £34,230,000; Excise, £30,200,000; estate duties, £13,200,000;. stamps, £8,150,000; land tax, £700,000; house duty, £1,950,000; property and income-tax, £31,500,000—;total Exchequer receipts from taxation, £119,930,000—;an increase of £55,000. To this must be added:—;Post Office, £17,500,000; telegraphs, £4,350,000; Crown lands, £480,000; Suez Canal and sundry loans, £1,100,000; miscellaneous, £1,500,000—;total Exchequer receipts from non-tax revenue, £24,930,000. That brings the total Exchequer revenue for the year to £144,860,000, or an increase of £882,000 over the Exchequer receipts of 1905–06. I am now in a position to submit to the Committee the balance-sheet—;not the final one—;but the balance-sheet on the basis of existing taxation. Estimated revenue, £144,860,000; estimated expenditure, £141,786,000; estimated surplus for the year, £3,074,000. If I deduct from this, as I must for safety, at least £400,000 as a margin for contingencies, I am left with a disposable balance of very nearly £2,700,000. What shall I do with it?