8.—6

SUMMARY, 1926-27. Consolidated Fund — Ordinary Revenue Account— £ Revenue .. .. .. .. .. .. 24,943,107 Expenditure . . .. .. .. .. 24,355,965 Surplus, 1926-27 .. .. .. .. £587,142 £ Revenue exceeded estimate by .. .. .. .. .. 676,907 Revenue from taxation — £ Direct (Land and income tax and death duties) 8,030,299 Indirect (Customs and excise) .. .. 8,874,388 16,904,687 Land and income tax receipts well maintained. Comparative decrease in Customs .. .. .. .. 131,302 Increase in postal and telegraph receipts .. .. .. .. 148,823 Compared with previous year total increase in expenditure .. 785,882 Increases in expenditure under permanent appropriations— Interest and debt-reduction .. .. 403,767 Pensions (other than war) .. .. .. 94,033 Fruit-export guarantee .. .. .. 82,619 Other .. .. .. .. .. 97,598 678,017 Gross interest paid —- War debt .. .. .. .. 3,545,644 Ordinary debt .. . . .. . . 7,049,011 10,594,655 Interest burden on taxpayer for ordinary debt .. .. .. 2,271,150 War-debt charges and war pensions absorb more than whole of receipts from land and income tax. Expenditure under annual appropriations— Net expenditure for year .. . . .. . . .. 10,091,020 Increase compared with previous year .. .. .. 107,865 Increase under vote " Education" .. .. .. .. 99,878 Additional cost of naval defence .. .. . . .. 85,820 Decrease in postal and telegraph working-expenses .. .. 63,353 Electoral decrease .. .. .. .. .. 91,410 Less than appropriations by .. .. .. .. 437,667 Figures demonstrate that economy and close control exercised during the year. Balance of Ordinary Revenue Account on 31st March, 1927 .. 3,681.466 Use of surpluses for capital purposes and debt-reduction relieves taxpayer and maintains high credit in London. No Treasury bills outstanding on 31st March, 1927. Cash balances being kept more closely invested : Increased interest earned .. .. .. .. .. .. ~ 53,213

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