PAPERSPAST

BRITISH FINANCE

CURRENT YEAR'S REVENUE

GOOD

APPREHENSION FOR 1922

EXPENDITURE MUST BE REDUCED

(UNHID PRESS ASSOCIATION.—COPTMOII.)

(RKUTBR'S TELEGRAM.)

LONDON, 16th August.

In the House of Commons Sir Robert Home, Chancellor of the Exchequer, stated that in the first four and a-half months of the financial year the ordinary revenue was remarkably steady. The only serious deficiency involved the Sales Disposals Boards and the excess profits duty, but these deficiencies would- not wipe out entirely the favourable figures. Seventy-eight millions had been earmarked for the redemption of the debt. A very substantial amount would, be obtained from the German reparation* to help the revenue. Therefore he did not view the year's position gloomily, but felt real apprehension as regards 1922. The excess profits, sales of war material, and income tax receipts would shrink considerably. To balance the accounts, therefore, expenditure must be reduced by 130 millions compared with that of 1921.

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