Last year Sir Michael had to provide for an expenditure of just under £200,000,000, apart from the eleven millions or so which ure paid over to local authorities in aid of local taxation; and this year, with an estimated war expenditure of about £64,000,000, the total will be over £193,000,000. His estimate of revenue based on the old taxes is £147,785,000, so that he has a deficit to meet of about £45,300,000. There is, however, about £4,600,000 still left of the loan of £60,000,000 raised for war purposes last year, which reduces the deficit to £41,500,000. By again suspending the sinking fund for reduction of the National Debt he obtains another £4,500,000, further reducing the deficit to £37,000, 00. This he proposes to meet by raising a loan of £32,000,000 for war purposes, and_imposing new taxation to produce a little over £5,000,000.
Text read from the printed page and cleaned; old type leaves the occasional error.