Coming to the present year, Mr. Hunt estimated as follows

:—

REVENUE.

EXPENDITURE.

Customs £22,800,000 Interest of Debt £26,700,000 Excise 20,330,000 Consolidated Fund

Stamps 9,650,000 Charges 1,865,000 Taxes 3,540,000 Army 15,456,000 Property and Income-

Navy 11,177,000 Tax at 4d., including

Civil Services 9,173,000 arrears 6,900,000 Revenue Departments 4,968,000 Post Office 4,650,000 Post Office Packet

Crown Lands 350,000 Service 1,089,000 Miscellaneous 3,130,000

£70,428,000

£71,350,000

Add 2d. additional to

Income-Tax—to be

Abyssinian Expedition

3,000,000

received in the year 1,800,000

£73,150,000

£73,428,000

The net deficit shown is 278,0001. But Mr. Hunt proposes to take power to issue Exchequer Bonds for 1,100,0001., the estimated pro- duce of the income-tax to be received next year, which would give him a cash surplus of 722,0001. But he looked forward confidently to the elasticity of the revenue, and did not think the measure would be necessary. The Abyssinian expedition was expected to " turn its back on Theo dorus and his army " on the 28th of April, and to be out of the country in May, and the estimate of the

expense was at 600,0001. per month. But India was advancing the money, and the accounts between India and England would probably occupy much time in adjustment ; and this was another reason why the Exchequer balances might not be drawn upon this year.