About the year 1760 when national finances were placed on a business-like basis, the British Chancellor of the Exchequer began to produc: for inspection by the House of Commons e statement of accounts regarding national Income and expenditure. These accounts becom: known as the national budget and since then they have constituted the principal indication of the country's finances and. to the taxpayer favourable or unfavourable reminder of his ability to pay. Next month. Sir/John Simon Chancellor of the Exchequer, will introduce budget of unprecedented size for peace time It will total about £1,250,000,000 and as he is authorized to raise £350,000,000 under the D^ ence Loans Act. the amount the taxpayer will nave to meet is about £900,000,000. Nevertheless, the country has to shoulder the burden Which has been mate heavier by defence necessities created by world-wide rearmament As a matter of fact, defence estimates including "expenditure on the navy, army, air force and civil defence will amount to £580,000,000 which greatly exceeds civil expenditure but in these difficult times peace is at a discount and the taxpayer must furnish the funds to meet the new tempo of armaments. The increase in Britain's budgetary requirements since the beginning of this century has been extraordinary. The budget for 1903-4 was £154000000. By 1914-15. the outbreak of the Great War, it was €209.000.000 which showed a handsome surplus of revenue over expenditure but with supplementary estimates connected with the war the total estimated expenditure was £569,000,000. The war tested British financial resources and the record expenditure was during 1918-19 when the ordinary budget stood at £842,000,000 but with supplementary estimates reached the colossal total of £2.977,000,000. Even in the year 1919-20 when the war was over but eslablishments had to be maintained and commitments met the budget and supplementary estimates totalled £1,673,000,000 and in 1920-21 the figure was £1,271,000,000. This latter figure, however, was £75,000,000 less than estimated. Sir John Simon's new budget is six times the size of the 1914 total but as the well-known movie newsreel slogan goes: "Time marches
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