Revenue of £872,580,000
With £9,480,000 Excess made one effort to have the world for Democracy. "The only result of this attempt," he said, "was to sow dragons' teeth which sprang up into dictatorships."
"We can never herd the world into the paths of righteousness with dogs of war," Mr. Hoover declared, basing his statements on observations made curing his recent tour of the major European capitals, While visiting Europe, Mr, Hoover said, he encountered seven forces which were threatening civilization These, he said, were:
London, Mar. 31
Revenue for the financial year 1937 totalled £872,580,000, and expenditure £843,794,000. The net realized surplus amounted to £28,- 786,000, while the official surplus was placed at £9,480,000, being excess of revenue over estimated revenue.
The realized surplus, in accordance with the Defence Loans Act of 1937. will be available for use in the coming year to meet defence expenditure, which, otherwise, would be met from borrowed monies.
Expenditure was below that estimated by £19,054,000.
Defence expenditure from the budget revenue totalled £ 197,250,000, while a further £64,750,000 was spent 1. The rise of dictatorships, "all with so-called planned economic:
2. An international arms race.
3. Increased government debts and deficits,—"Another inflation some form seems inevitable," he sai 4. Increased efforts by individual European Powers to secure self-sufficiency in industry and agriculture.
5. Failure of the League of Nations as a potent force for peace.
6. Fear—"nations of each other. governments of their people, people oѓ their. governments and everywhere a vague fear of war."
1. A steady increase of brutality and terrorism in some nations.
Mr. Hoover said the brighter factors in the European situation included Europe's economic recovery, which he said exceeded that of the United States, and the fact that Europe was not prepared for war despite present war scares, from borrowed monies, thereby making the total defence expenditure of £262,000,000, an increase of £76-
000,000 over the previous vear.—
Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.