HIS FIRST BUDGET
SIR JOHN SIMON'S CHEERING START REALISED SURPLUS FOR DEFENCE EXPENDITURE Australiar. and N.Z. Cable. LONDON, March 31. A cheering start for Sir John Simon, Chancellor of the Exchequer, who will introduce his first Budget on April 2G, is afforded in the Treasury returns showing that the realised surplus at the end of the financial year is £28,786,000, compared with Mr Chamberlain's estimated surplus of £252,000. The years' revenue amounted to ,C 572,580,000, which is £9,480,000 i-bove the estimate, and the expenditure was £S43 794,000, which is £19,054,000 bslow the estimate. The Budget on April 2G would normally have been exceptionally favourable, but the rearmament programme alters the situation. The surplus will, in accordance with the Defence Loans Act of 1937, be available for use in the coming year to meet defence expenditure, which otherwise would have been met from borrowed money.
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Waihi Daily Telegraph, Volume XXXVII, Issue 9204, 2 April 1938, Page 3
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144HIS FIRST BUDGET Waihi Daily Telegraph, Volume XXXVII, Issue 9204, 2 April 1938, Page 3
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