already pointed out, the comparison of war pounds with pre-war pounds is in itself deceptive.  The pounds that we are paying to-day in taxation are by no means the pounds that we paid before the war; their value in effective buying power has been diminished by something like one half.  So that even with the proposed additions to taxation we shall not have much more than doubled the revenue of the country from taxation and State services as calculated in effective buying power.  When we consider how much is at stake, that the very existence, not only of the country but of civilisation, is endangered by German aggression, it cannot be said that in the matter of taxation the country is doing anything like what it ought to have done or anything like what it would have done, willingly and readily, if a proper example had been set by the leading men among us, and if the right kind of financial lead had been given to the country by its rulers.

When we look at the details of the Budget, it will be seen that the Chancellor has made a considerable advance upon his achievement of a year ago, when he imposed fresh taxation amounting to L26 millions, twenty of which came from excess profits duty, and could therefore not be counted upon as permanent, in his Budget for a year which was expected to add over L1600 millions to the country’s debt, and actually added nearly L2000 millions.  For the present year he anticipates an expenditure of L2972 millions, and he is imposing fresh taxation which will realise L68 millions in the current year and L114-1/2 millions in a full year.  On the basis of taxation at which it stood last year he estimates for an increase of L67 millions, income tax and super-tax on the old basis being expected to bring in L28 millions more, and excess profits duty L80 millions more, against which decreases were estimated at L3-1/2 millions in Excise and L37 millions in miscellaneous.  He thus expects to get a total increase on the last year’s figures of L135 millions, making for the current year a total revenue of L842 millions, and leaving a total deficit of L2130 millions to be provided by borrowing.  Increases in taxation on spirits, beer, tobacco, and sugar bring in a total of nearly L41 millions.  An increase of a penny in the stamp duty on cheques is estimated to bring in L750,000 this year and a million in a full year, and the increases in the income tax and the super-tax will bring in L23 millions in the present year and L61 millions in a full year.  Increases in postal charges will bring in L3-1/2 millions this year and L4 millions in a full year.