L Customs 3,230,000 Excise 3,320,000 Income tax 1,512,000 Estate duties 939,000 Stamps 347,000 Miscellaneous 137,000 Post Office 1,354,000 ----------- Total 10,839,000 ----------- It is estimated that the expenditure for Irish purposes in the year 1912-13 will amount to L12,354,000. The expenditure may be divided for the purposes of this Memorandum as follows:-- L All purposes not separately specified 5,462,000 Post Office 1,600,000 Old Age Pensions 2,664,000 Charges under the Land Purchase Acts 761,000 National Insurance and Labour Exchanges 191,500 Royal Irish Constabulary 1,377,500 Collection of revenue 298,000 ---------- Total 12,354,000 ---------- The expenditure therefore exceeds the revenue by L1,515,000. It is anticipated that in a period of ten or fifteen years the charges under the existing Land Purchase Acts will increase by L450,000, and under the National Insurance Act by L300,000. On the other hand, it is estimated that within twenty years the cost of Old Age Pensions will decrease by L200,000. _Charges upon the Irish Exchequer._ The Bill provides for the establishment of an Irish Exchequer and an Irish Consolidated Fund. From the Irish Exchequer will be defrayed the whole of the present and future cost of Irish government, with the exception of the expenditure on certain services, termed in the Bill Reserved Services. _Charges upon the Imperial Exchequer._ The Imperial Government will retain the control, and the Imperial Exchequer will continue to bear the cost, of the Reserved Services, namely, Old Age Pensions, National Insurance, Labour Exchanges, Land Purchase, and Collection of Taxes. For a period of six years the Royal Irish Constabulary will also be one of the Reserved Services. There are provisions for the transfer to the Irish Government of certain of the Reserved Services under the conditions stated below. _Revenue of the Irish Exchequer._ The Bill provides, in the first instance, for the period during which the yield of Irish taxes is less than the cost of Irish administration, and contemplates certain modifications after a financial equilibrium has been attained.