BUDGET SURPLUS

Southland Times, Issue 22856, 3 April 1936, Page 7

BUDGET SURPLUS

Success In Difficult Year AN ANXIOUS FORECAST (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, April L The realized surplus . of £2,940,700 which is revealed in Britain’s accounts for the Budget year is regarded by the Press as representing a splendid achievement, particularly in view oi the fact that included in the expenditure figures is £12,466,000, which has been placed to a sinking fund. The actual excess of revenue over expenditure (other than expenditure on debt redemption) is thus nearly £15,500,000. The total expenditure for the year, about £750,000,000 is £16,000,000 over the original estimate but nearly £6,000,000 less than the estimate together with supplementary votes. . Receipts from income tax, which is the biggest single item on the revenue side of the account, exceeded the estimate bv £5,500,000 and amounted to £238,075,000. , While recognizing that a year ot great difficulties has ended with remarkable success, the newspapers display anxiety in looking forward to the still more difficult year that lies ahead, and in forecasts of the forthcoming Budget there is general recognition that the chief hope lies in the appeasement of Europe, although in any case a very large expenditure on defences will be necessary to enable Britain to play her part in preserving better international relationships. The Times says that there is no use denying that the scale of national expenditure for some time to come must be higher than was anticipated before the present anxiety arose.