The grayd total of the estimated ex-Beginning is £187,600,000. This includes penditure of the financial year just:
abo £58,000,000 of war exnditure, de leaving nearly £130,000,000 as the normal expenditure of the country. Ju itself this is an enormous increase, the greater part of which is due to increased votes for the navy and army, quite apart from the war. It means that nearly the whole of the £12,000,000 or sv of additional taxation imposed last year for the purposes of the war will now be required for ordinary expenditure. Therefore we can reckon on little more than the new taxes as available out of current income for war purposes. Sir Michael estimates the
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