BRITISH FINANCE.

Poverty Bay Herald, Volume XLIX, Issue 16091, 3 April 1923, Page 6

BRITISH FINANCE.

SUBSTANTIAL SURPLUS. lElec- fel. Cnpyrlgtit—United Press Assn.) .'Austrafian ami N Z Cable Association.) LONDON, March 31. The year’s revenue was £914,012,000 and the expenditure £812,496,000. The floating debt is £809,943,000. Increases in estate duties are £4,680,000, vehicle duties £1,225,000, stamps £2,584,000, corporation tax £1,461,000, telephone £3,050,000. Decreases are: Telegraphs £400,000; Customs £7,009,000; excise £37,016,000; property, income super taxes £19,842,CQQ; pbstaj. pppyices £5,850,000.

The interest on flip war debt cost £309,780,000; find fighpßS services £11,000,000, ' *

AN UNEXPECTED SURPLUS.

SECOND LARGEST ON RECORD. ■Australian and NZ- Cab/p Association. (Received April 3, 0 a.ffi.j v > LONDON, April 2. Tk« fact that the Treasury returns have revealed an unexpected surplus of 101 millions has raised a controversy whether it should go to 'debt redaction, as tho law directs, or remission of taxes. A number of newspapers express the opinion that the surplus is proof that the community is grossly overtaxed, and that this generation is being overtaxed. for the benefit of prosterity. Tbr? is the second largest surplus ever recorded, and is duo to reduced penditure.Instead of incomp fax declining 70 millions ag expected, the shrinkage is only twenty millions, but the excess profits duty shrank twenty-eight millipps. There is little prospect of any largp rpjplgsion of taxation unless further drastic pcoffomics are possible.