VAST EXPENDITURE.

Auckland Star, Volume LXXI, Issue 77, 1 April 1940, Page 4

VAST EXPENDITURE.

BRITISH FINANCIAL YEAR. SUM OF £1,816,873,000. ' LOXIX)X, March 30. Britain spent £1,816.873,000 in Che financial year ended to-night, according to the official returns. This included £491,750,000 borrowed under the Defence < Loans Act. 'Die expenditure was £116,000,000 below the War Budget estimate. The revenue was £]..049,188,000. but expenditure exceeded the revenue by £767.G80.000, which was £170,000,000 •better than was expected. The most satisfactory feature of the returns is that the revenue was £54,000.000 '■ above Sir John Simon's estimate of last , September. Income tax payers provided ' £300,000.000. or £83.000 above the estimate and £54.000,000 above the receipts frofti : the 6ame source last year. , The total net revenue increase, com- < pared with last" year, was £121.904.000. the , largest single decrease being £5,654,000 in ■ the Post Office receipt*. Savings certificates and the 3 per cent defence bonds contributed £122.000.000. 1 lie rloatiim "debit in-creased by £.569.000.000 and now: totals £1.480.238.000. ■ which comprises £1.427.710.000 in Treasury ' bills and £61,490.000 in ways and means ' borrowing from public deparfmonts.