INCOME TAX REVENUE DOWN.
Unfortunately it cannot be assumed from the increase for the - first six months that the Chancellor's estimate fora net loss at the end of the year will not be verified, for it was under the head of Income and Sur-tax that Mr. Chamberlain looked for the very great decline of about £88,000,000, and it is only in the final quarter of the year that the bulk of this revenue is gathered in. The receipts both from Income and Sur-tax next January are expected to he gravely -affected by -the fact that they will deal with assessments_ covering year of unprecedented financial and trade depression. Up. to the present the decline under these two heads is a little over -£11,000,000, which is no worse than might have been expected, especially when it is remem- bered that the July receipts this year represented only one-fourth of the year's tax as compared with 50 per cent. a year previously.
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