The Public Accounts.

Press, Volume LVI, Issue 16963, 12 October 1920, Page 6

The Public Accounts.

When we used to point out to Sir Joseph Ward that the national revenue and expenditure in Great Britain was recorded regularly every week, and a complete statement of the accounts for each quarter issued the day after the quarter ended, his reply invariably was that the method of auditing or of accounting adopted in this country mado it impossible to follow tho example of t : Iio British Treasury in this matter of prompt publication. On one occasion he did issue the year's accounts pretty promptly, but with a warning that it would probably not be quito accurate. Tt was not quite accurate, but tho inaccuracy was very small and did not impair the usefulness of tho figures to those who wished to know Slow tho accounts stood. The present Government carries on this tradition of quite needless caution, so that we shall probably have to wait for another fortnight before the figures for the September quarter are issued. In the meantime the revenue and expenditure for August are printed in tho current numbor of tho "Monthly Abstract of Statistics." Both the revenue a-nd the expenditure during that month were much greater than in August, i 919. The comparison for tlhe five months April Ist to August 31st shows this: Five months, Fivo months, 1919. 1920. £ £ Revenue ... {>,561,90 ft 9,167,616 Expenditure 8,478,853 10,874,09!) The increase in the expenditure is mainly due to the higher payments to public servants. Tho increase in tho revenue is astonishing. The following table shows tho principal increases during the five-months period: 1919-20. 1920-21. £ £ Oustojns ... 1,708,049 3,350,509 Stamp and death ~ ' duties ... 1,225;253 1,513,414 Post and Telegraph ... 560,451 693,319 Railways ... 1,991,319 2,392,291 Very little land and incomo tax comes in during this period, and if we exclude the receipts under theso headings, we find that tfhe increase in the revenue for five months was £2,632,406. IP this degree of growth holds for the whole year, the increase in the revenue will be £6,317,762, and the total revenue in that case ovill be £32,399,102. This will bo nearly five millions in excess of the estimated £27,712,700. But it is possible that tho Teceipts from land and income tax will increase, and it is certain that the railway and postal revenue will increase very greatly. The results of the whole year cannot with any certainty be estimated in this way, but wo think it is quite certain that the revenue -will roach 30 millions sterling. As tho Budget estimate of expenditure was £26,893,497, tho Priirto Minister will need all the revenue if ho is to secure that further addition to the accumulated surplus of which sie was speaking last week..