be interpreted to cover collections which were of national or historic interest in the sense that they would be purchased or accepted as a bequest by one. of the national collections. No change was made in the law until the Finance Act of 1909-10.
SIR MICHAEL HICKS-BEACH had been wrong in thinking a year back that the country had reached the apex of prosperity, and he frankly admitted that it would be useless to apologise for a miscalculation which resulted in the revenue having exceeded his estimate by £3,570,000. The Exchequer revenue had been £106,614,000, and, with the sum of £9,402,000 paid to the local taxation accounts. the revenue had reached the "gigantic total" of £116,016,000.
Both customs and excise had been buoyant (in spite of the engineering dispute) owing largely to the jubilee festivities, beer having exceeded the estimate by £388,000 and tobacco, the yield of the previous year, by £419,000 (an increase of 3£8 per cent.). But the death duties formed the surprise of the year having exceeded the Exchequer estimates by £1,400,000, and the total yield, both for local taxation and the Exchequer, having reached £15,328,000. The main increase had been in the new estate duty, and the Chancellor accounted for it by the fact that 4,000 more estates had fallen in, that the estates had been larger, and that they had included nine millionaires. The amount of free personalty passing which