ABSTRACT
Is determined by adding to the total of assessable incomes, wages and other income below exemption limit, agricultural income, government and local authority income from indirect taxes and also from trading services and international transactions. A new method is used for calculating the net output of agriculture, which is found to be lower than was anticipated. Gross and net figures of national income can be accurately determined for the years 1924 to 1933 (the last year for which tax-assessment figures are available at time of writing). Making adjustments for differences of definition, comparison xiiican be made with previous estimates of national income by Bowley and Stamp (1924), Sir Alfred Flux (1924), Dr. Coates (1931) and the present writer (1924-31). The maximum discrepancy found is 5 per cent. Net national income inclusive of indirect taxation rose from £4035 millions in 1924 to £4384 millions in 1929, fell to a minimum of £3844 millions in 1932 and rose to £4530 millions in 1935.
