8.—6

XXIV

The expenditure is based on the figures for the corresponding period of last year, with the addition of £50,000 for interest on the war loans. It is specially difficult to estimate the revenue owing to circumstances which I have already explained. £ We have authority to issue Treasury bills .... 2,000,000 And have issued .... .... .... .... 1,200,000 Leaving .... .... .... £800,000 I now place before the Committee the estimate of the receipts and expenditure for the current year. ESTIMATES OF REVENUE AND EXPENDITURE FOR 1915-16. The revenue for the year 1915-16, estimated on the basis of the existing statutory limitations, is as follows : — £ Customs .. .. .. .. .. 2,800,000 Railways .. .. .. .. .. 4,000,000 Stamp and Death Duties .. .. :. 1,220,200 Postal and Telegraph .. .. .. 1,345,000 Land-tax .. .. .. .. 790,000 Income-tax . . .. .. .. 525,000 Beer Duty .. .. .. .. 124,000 Registration and other Fees.. .. .. 100,000 Marine .. .. .. .. .. 50,400 Miscellaneous ... .. .. . . 419,000 Territorial Revenue .. .. .. 210,000 Endowment Revenue .. .. .. 92,654 Total .. .. .. .. £11,676,254 The following figures will show the ways and means of the Consolidated Fund for the year 1915-16, estimating the revenue on the foregoing basis : — £ Balance forward from 1914-15 .. .. 149,047 Estimated revenue, 1915-16 . . .. 11,676,254 11,825,301 Estimated expenditure, 1915-16 .. .. 12,653,242 Deficiency (without provision for war pensions, interest and sinking fund on war loans, additions to superannuation funds, and supplementary estimates) .. .. .. .. £827,941