ABSTRACT
OU R review of the six War Budgets shows a steadily expanding tax revenue, but at the same time a much larger growth of debt. During the ninety-eight years after Waterloo the country had prided itself on the consistency with which it set aside something out of revenue each year in order to lessen that legacy of the Napoleonic Wars-the National Debt. Only in twelve of those years did an addition take the place of a reduction, and by March 31st, 1914, the £900 millions of 1816 had been reduced to £651 millions.
