For the coming financial year Mr. Lowe's estimates were as

follows, supposing no duties to be changed (we add in parentheses the duties as he estimates them after the changes he proposes) :—

R E VENUS. As proposed to be altered.

EXPEND/TURK.

Interest on Debt £26,830,000 Customs £20,300,000 (£20,080,000) Charges on Consolidated Fond 1,780,000 Excise 23,320,000 (23,310,000) Army (without purchase) ... 14,824,000 Stamps 9,700,000

Purchase 953,000 Assessed taxes 2,350,000 (2,300,000) Navy 9,308,000 Income-Tax... 9,950,000 (6,910,000) Civil Service 10,652,000 Post °Mee ... 4,770,000

Collection of Revenue 2,621,000 Telegraphs ... 850,000

Post Office 2,610,000 Crown Lands 875,000

Telegraphs 500,000 Miscellaneous 3,300,000

Packet Service 1,135.000 Total £74,913,000

Total £71,313,000

showing a balance available of £3,602,000. Of this surplus Mr. Lowe proposes to take 1,3,010,000 from the Income-Tax, by a redaction of 2d. (costing in the first year 1.2,700,000), and by a change which allows a deduction of £80 for necessary expenditure from every income below £300 a year, instead of as at present only allowing a deduction of /60 for every income below £200 a year, the cost of which change will be in the first year /310,000. (Mr. Lowe states, that whereas 273,000 persons are relieved under the present abatement as having less than 1200 a year, another 167,000 will be relieved under his proposal as having between £200 and 1300 a year, making in all 440,000 exemptions.) He proposes to take off half the Chicory and Coffee duties, thereby losing 1230,000 (chiefly customs, but as regards chicory, partly excise), and he proposes to give up £50,000 a year House-duty, under a proposal to except from House-duty all houses not inhabited except by care-takers (and he defines care-takers as persons not using rooms to a higher value than 120 per annum). This de- prives him of £3,290,000 of his balance, leaving him 1312,000 surplus, and a total estimated revenue of £71,625,000, against an estimated expenditure of £71,313,000.