500_l._ would be excepted, the next 1,000_l._ charged 7_d._, the next 9_d._, the next 11_d._, the next 1_s._ 1_d._, the next 1_s._ 3_d._, and the remainder 1_s._ 4_d._ The total yield of this and the existing supertax would be 7,770,000_l._ in a full year. Incomes left abroad for reinvestment, which had been exempted actually by a decision of the Courts, would be included by means of declarations, with penalties and recovery when death duties became payable. The death duties would increase by 1 per cent. for estates between 60,000_l._ and 200,000_l._ and thereafter to a maximum of 20 per cent. for 1,000,000_l._ Relief would be granted, however, in cases of rapid succession to property, by remissions of estate duty on realty and stock-in-trade, varying from 50 per cent. if death occurred within one year of succeeding to property to 10 per cent. if it occurred within five years. The settlement estate duty would be abolished, and settled property treated like any other. These taxes together would produce 8,800,000_l._ for the current year, and he would fill the gap by taking a million from the Sinking Fund, seeing that the existing Government had paid off 104,000,000_l._ of debt and by 1915 would have paid off 114,000,000_l._ Direct and indirect taxation, which were equally balanced when the Government came into office, would now be 60 and 40 per cent. of the whole respectively. In conclusion, he claimed that the Government were honourably fulfilling pledges and taking a decisive step towards the greater happiness and efficiency of the people and the greater strength and honour of the land. The complexity of the Budget proposals precluded immediate discussion. Mr. Austen Chamberlain condemned the proposal to have recourse to the Sinking Fund, partly in view of the new charges, amounting already to 21,000,000_l._, added by the Government under Old Age Pensions and Insurance alone. A number of questions were asked by other members, and answered by the Chancellor of the Exchequer, and, after the resolution enacting the new income tax had been agreed to, the House adjourned early--at 7.15 P.M. The following table shows the Estimated Revenue for 1914-15, compared with the Receipts of 1913-14.