The total estimated expenditure or the existing basis of taxation was £980,000,000. The sum of £223,000, 000 was available towards meeting this year's defence expenditure, compared with an original estimate of £230,000,000 to be met from revenue.
But the original figure of £58 000,000 for defence this year—£ 350, 000,000 from loan, and £230,000,000 from revenue—had risen to the region of £630,000,000 for defence in all its aspects, and might well be more. The whole difference should not be met by loan, and there must be additional taxation. A part of the difference, amounting to £24,000,000, would be met out of revenue. The tax-payer. therefore, would find £942,000,000, and the sum of £380000.000 would be met by borrowing.
Text read from the printed page and cleaned; old type leaves the occasional error.