Public expenditure on the military and the navy by 1871 was at its lowest level since 1858. Overall, national public expenditure was reduced from £71,000,000 in 1868 to £67,000,000 in 1870 and 1871. However, it rose to £74,604,000 in 1874. Nevertheless, Gladstone was able to produce five surpluses for each year amounting to £17,000,000. He was also able (he resumed the office of Chancellor of the Exchequer in August 1873 till the dissolution of Parliament in early 1874) to reduce the income tax to 3 pence in the pound in 1873, and the next year proposed to abolish it altogether if he won the next general election.