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Great Britain Ends
Financial Year With
Surplus of £7,562,000.
REVENUE EXCEEDED ESTIMATE BY
£9,921,000.
LONDON, Saturday.
B RITAIN'S financial year.ended this evening, and
the returns issued by the Treasury reveal the
satisfactory fact that the surplus of revenue over
expenditure amounts to £7,562,000.
The Chancellor of the Exchequer (Mr. Neville Chamber
lain), in his budget speech last year, forecast the revenue for the
year at £706,520,000, and the expenditure at £705,724,000, with
an estimated surplus of £796,000. No provision was made in
these figures for permanent or statutory sinking funds, and
authority was given in the Finance Act to borrow for these pay.
ments.
Accounts for the year show that the revenue exceeded the
budget estimate by £9,921,000, a total of £716,441,000 having
been realised.
Expenditure at £708,879,000 is £3,155,000 more than the
estimate, and the realised surplus is thus £7,562,000.
Authority to borrow for sinking
funds was not exercised, and the figures
for expenditure 'includo £12,343,00 paid
by means of sinking funds for the re
demption of the debt.
Thus the year's revenue exceeded the
year's expenditure, other than on debt
redemption by £19,905,00.
Lower Tax:
Higher Receipts.
The item of revenue that most ex.
ceeded expoetations was the income
tax. The budget estimated an Ex
chequer receipt of £219,500,000, and the
namount realised, £228,877,000, showed
an excess of £9,377,000, and was only
about £50,000 less than last year's re
ceipts, notwithstanding tire reduction
in the standard rate of tax.
The surtax produced £1,1065,000 morn
than the estimate of £50,000,000, and
estate duties, at £81,350,000, were near
ly £5,500,000 more than expected.
Post Office
Has Big .Drop.
On ..the other hand, there was a
shortage.of nearly £1,000,000 on stamp
duties, which were estimated at £25,
000,000; and this figure was almost ex
actly realised.
Post Office net receipts at £12,250,
000 were £1,750,000 less than expected,
owing partly to restoration of pay cuts
and partly to the recent reductions in
telephone charges.
£12,343,000 to
Reduce The Debt.
Receipts from sundry loans and mis
cellaneous items fell short of expecta
tions by £4,303,000.
On the expenditure side, the charge
for the national debt was fixed for the
year at £224,000,000, which was ostim
ated to be the amount required for in
cerest and nianageient. In fact, it
amounted to £211,657,000, thus leav
ing a margin of £12,343,000, which was
ippliod to redemption of the national
lebt, £9,000,000 being in respect of
the contractual sinking fund and the
alanceo free of sinking fund. Estim
ates for the supply services amounted
to £462,000,000.
Floating Debt
Now £833,380,000.
A further sumn of £7,500,000 was pro
vided for partial restoration of the
emergency cuts mado( during the 1931
crisis.
During the year, supplementary es
timates were presented for £19,250,000,
including this £7,500,000.
Thus the total of the supply estim
ates for the year amounted to £480,
000,000, and against this total Ex
chequer issues amounted to £472,160,
000.
The floating debt now stands at
£833,380,000, compared with £844,710,
000 a year ago.
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