§ Now I come to the estate duties, which by their nature would appear to be one of the most speculative and uncertain branches of revenue. I am glad to say that they have once more vindicated their claim to trustworthiness. In the first three quarters of the year the receipts were lower by three quarters of a million than for the corresponding period of the preceding year; but they righted themselves in the last quarter. The result is that the full year's receipts into the Exchequer were below the record figure of 1906–7 by only £14,000, while the Budget estimate was exceeded by £373,000. We have had the benefit during the year to some extent of the enhanced rates of duty which were authorised by the Finance Act of 1907. I estimated that in a full year those enhanced duties would realise £1,200,000. In the first year of their operation I said that they might be expected to produce £600,000. The actual yield in 1907–8 was £610,000. These figures reflect the highest credit upon the officers of the Inland Revenue. Stamps have been a stationary source of income. The revenue fell short of the estimate by £30,000; but that result does not point to any abatement of business activity except in the region of the Stock Exchange. The receipts from the transfer of stocks and shares show a diminution compared with the previous year of £357,000. There was a substantial increase on balance under the remaining heads of stamp duties.