The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1876-10-07 00:00:00

;ie(3toitibrible Oberiler.

SATURDAY, OCTOBER 7, 1876.

NATIONAL FINANCE.

le That a people which it was a great conqueror's
most favourite joke to call "a nation of shop-
keepers" should be notorious for paying very
little attention to their imperial revenue and
expenditure would appear paradoxical to those
who do not know the English. Year by year
many public men are found to lament that this
is so. Continually go up complaints from the
taxpayer that his burdens are neither too few
nor too light. He groans at the incidence of
taxation, but does little or nothing to alleviate
it; for, not understanding the cause, he cannot
reform the effect. For -this reason it is more
than probable that "the abstract of the gross
produce of the revenue of the United Kingdom"
which is issued quarterly by her Majesty's
Treasury, and is almost simultaneously pub-
lished in some of the leading daily newspapers
is very little attended to by the great body of
those who ought to be the most interested in it
—those who pay the taxes. To them the array
of figures is too formidable to be mastered, the
mazes into which it leads them are too
mysterious to be conquered, and the conse-
quence is that to the majority of those who see
it, the financial table tells but an idle tale. The
one exception to this indifference to national
finance on the part of the nation is the notice
which is taken by all sections of the community
of the annual budget speech. This might be
held to be a redeeming feature of the general
apathy wore it not that budgets furnished topics
for political discussion and occasionally for
electoral excitement. Finance is thus often
lost sight of in the rush of politics, and an extra
penny on the Income Tax is occasionally
accepted with a good face by many because of
some temporary advantage which it might p()dye
to their party. The Revenue returns are, how-
ever, worth studying, if only as showing the
progress of the country commercially. It may
be accepted as an axiom that the state of the
Revenue is a guide to the prosperity of the
nation. If the receipts from duties on useful
commoditiett are low, it is evident that there is
a smaller consumption of these articles than is
usual or perhaps desirable. Especially at the
present time are the retnrns interesting, because
of the commercial depression which has lately
existed in this country. On a high authority
we are told, that a comparison of the market
value of money (itself a test of national
prosperity) on the Continent at the beginning of
last June, with what now rules, will show the
gradual advance which has occurred, whilst,
strange to say, in England the minimum rate of
discount is only half what it then was. This
fact naturally causes business men to watch
eagerly the condition of the Revenue, and, we
are glad to say, the returns for the quarter
ended September 30, give no cause for alarm,
despite the depressed trade. Although by many
the returns were anticipated with some amount
of fear and trembling they show results in an
opposite direction, which even the sanguine
could hardly have expected. The income of the
last quarter was something over two per cent.
more than it was in the corresponding period of
1875. The Excise revenues have increased, and
this will be -viewed with different feelings. It is
pretty generally accepted that those augment in
proportion to the earnings of the working
classes, for tha more which is received by these,
the more is expended in spirits and beer. If
this be so, it would go to prove that the con-
dition of trade has not affected the lower classes
as much as it might have been expected. It is
according as" the greatest happiness for the
greatest number" theory is accepted, whether
tills will be looked upon as a blessing. The
Customs rovenue has inir eiscd jest as much in
proportion as the xeis' hi considering this a
carious flieal Let is to be noticed. When the
duty upen sugar was abolished, it was naturally
th eialit by many that th,t Customs revenue
iould suff.r. The cheapness of sugar has, how-
ever, given such an impAtts to the consumption
of
coif", 1,11,1 other colonial products, as to
neark, make no the 1055. Another fict which
ih 111)1-;1 food for reflueLion, arid be looked at
irs oi),,,mitm ways, by men of varying tendencies,
is that the revenue on tobacco and wine is
deoreaqinee If this stood alone it might be
thought that the commercial state of the country
prevented el from indulging in lnxuries, but
It lets signifillnee from the fact that the duty
upon articles prodneing non-intoxica liquorsge
is increasinl. Altboug;i our exports 1:1Ve fi, ,n
(.11 fe,,to if) to 15 oercoot., jr isi.:lteering to note
that our purt!lci,.ing power is not being
diumiiuiihod sintita.cly. The fluctuations of the
Revenue are always an interesting study, and it
is curious to note that whereas in the April to
June quarter the income from stamps decreased
considerably, as also did that from the Post
Office, both not only reendeed their standard
during the July to September quarter, but
incww;ed h. There is sinrcely any means of
at'"uuittitvg. for this, and the changes, often un-
lool(oti fer, nearly as often unexplainable form
tux emietwasement to the Chfaneeilia Q 1 the