§ The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)
The House of Commons and the country are already painfully aware of the main features of the financial problem with which I have been faced in framing the financial proposals of this Budget. The financial year which ended on the 31st of last month, closed with an actual deficit of £14,523,000, instead of an estimated surplus of £4,096,000. Revenue fell short of the estimated yield by £11,871,000, and expenditure exceeded the original estimate by £6,748,000. The result, therefore, is a failure by £18,619,000 to realise the expectations of last year's Budget.