LESS REVENUE.

Press, Volume LXIII, Issue 18968, 5 April 1927, Page 9

LESS REVENUE.

NINETEEN MILLION SHORT. CAUSE OF BUDGET DEFICIT. vB?.ITISa OFFICIAL IVta3LESS.I RUGBY, April 3. .Rather more than half the Budget deficit is accounted for by the fact Urn the revenue, which exceeded iBJo,O-0,-OCO, is £I<J.OOO,OOO short of die erig.ua. estimate. Of the staple sources of ta.s revenue, namelj Customs, motor duties estate duties, stamps, income-tax, and super-tax, only estate duties, with ;. surplus of £1j320,0C0, and super-tax, with a surplus of £1,U0.C09, have realised expectations. The excess of actual over-estimated expenditure is accounted for hy increased payments to the National Debt interest, necessitated by the higher bank rate, and the consequent higher discount rate on Treasury bills, duo to the coal stoppage. Last year's deficit of £11,000.0110 was wholly accounted for by £19,000,000 paid in coal subsidy, and although the direct cost of the coal strike, as represented bv this year's subsidy of £4,000,000, 'is much lower, the accounts show that, the indirect loss to the Exchequer owing to the strike during the year now ended has been much heavier.