Revenue, 1924-25.

Orders of the Day — Financial Statement. – in the House of Commons on 28th April 1925.

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Spirits and tobacco have each fallen £2,000,000 below the Budget estimate. On the other hand, beer has advanced by £1,000,000, and small surpluses have accrued on wine, liquor licences and entertainments. The great remission of the Sugar Duty which the right hon. Gentleman made last year has fully reached the consumer, but the remission which he made on tea has been almost entirely extinguished by larger price movements in the world market. On the whole, especially when consumption is studied quantitatively, it is right to say that the consuming power of the people is maintained. The yields of the Inland Revenue Duties are also satisfactory. Excess Profits Duty and Corporation Profits Tax show a deficit of £9,200,000 on the Budget estimate. These are moribund taxes, of which it is very diffi- cult to estimate the yield, but their failure has been counteracted by the exertions of those stalwart and lively agents of taxation, Income Tax, Super. tax, and Death Duties, and in a. lesser degree the Stamp Duties. These Duties between them yielded £16,000,000 more then the Budget estimate in the year. The actual net result of the Inland Revenue Duties of the year shows a surplus over the estimate of £6,816,000.