34,476,000 —–­
Excess Profits
  Duties, etc. 220,214,000 139,920,000 80,294,000 —–­
Land Value
  Duties 685,000 521,000 164,000 —–­
Postal Service 35,300,000 34,100,000 1,200,000 —–­ Crown Lands 690,000 650,000 40,000 —–­ Sundry Loans, etc. 6,056,250 8,055,817 —–­ 1,999,567 Miscellaneous 52,148,315 16,516,765 35,631,550 —–­
                 ----------- ----------- ----------- -----------
                 707,234,565 573,427,582 153,414,550 19,607,567
                                               | |
          
                                     +-----------+----------+
          
                                             L133,806,983
                                                      Net Increase.

A more interesting comparison perhaps is to take the actual receipts during the past financial year and compare them, not with the former year, but with the estimates of the expected yield of the various items.  In this case we get the following comparisons:—­

[Transcriber’s Note:  Corrected a typo in the table:  “Sundry Loans” line should have a minus(-) instead of a plus(+) as printed.]

Actual.      Estimated.      Difference. 
L              L               L
Customs                     71,261,000     70,750,000    +    511,000
Excise                      38,772,000     34,950,000    +  3,822,000
Estate Duties               31,674,000     29,000,000    +  2,674,000
Stamps                       8,300,000      8,000,000    +    300,000
Land Tax and House Duty      2,625,000      2,600,000    +     25,000
Income Tax and Super Tax   239,509,000    224,000,000    + 15,509,000
Excess Profits Tax         220,214,000    200,000,000    + 20,214,000
Land Value Duties              685,000        400,000    +    285,000
Postal Services             35,300,000     33,700,000    +  1,600,000
Crown Lands                    690,000        600,000    +     90,000
Sundry Loans, etc.           6,056,000      7,500,000    —  1,444,000
Miscellaneous               52,148,000     27,100,000    + 25,048,000

Certainly, the country is entitled to congratulate itself on this tremendous evidence of elasticity of revenue, and to a certain extent on the effort that it has made in providing this enormous sum of money from the proceeds of taxation and State services.  But when this much has been admitted we have to hasten to add that the figures are not nearly so big as they look, and that there is much less “to write home about,” as the schoolboy said, than there appears to be at first sight.  Those champions of the Government methods of war finance who maintain that we have, during the past year, multiplied the pre-war revenue, of roughly, L200 millions by more than 3-1/2, so arriving at the present revenue of