The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1873-03-29 00:00:00

TUE FORTHCOMING BUDGET.

The Tilll4B, n a leader on Mr. Lowe'a forthcoming Budget,
remarks:—

What materials for display he will by that time have
at his con:unwed ! The figures of the year are such as
to make a Chancellor of the Exchequer rejoice, and all
his hearers rejoice with him. If we might presume t
give such an experii need practitioner a suggestion on
the manner and arrangement of Lie 51ee h, we would
recommend him to throw criticism into the background,
and indulge In the fine florid cheerfulness his accounts
are certain to provoke. Perhaps a previous libation
to the Divinity that has bleeeed him so hugely
might not be amiss; but, whatever the prepares.
tion, the Chancellor el the Exchequer is h iund
to roll out the t de of Lis millions as if he
loved to contemplate them. His coffers are full
to overflowing, and the laugh of the populace
at the Court Theatre or elsewhere is compensated
by this solid fact. How Mr. Gladstone would have
enjoyed telling such a story of prosperity I How he
would have led his bearer' np to the stupendous
truth of a revenue of £76,000,000; and how his
enthusiasm would have kindled into rapture at this
unexampled productiveness I Of course he would have
:ieen subsequently pathetic—as we intend to be--over
the items in which thsagrowth of revenue chiefir occurs,
but the emotion due t the fact that the Excise is
the beat feeder of the Exchequer would have been
reserved for its proper time in the oration. The
broad facts must have come first, and they are such as
to excite the soberest judgment, What, indeed, will
Mr. Lowe have to say We have already anticipated
one of his statements—that the total reven ns of the
year will have reached £76,000,000. The expenditure,
in the other hand, will probably be something over
z 71,000,000 ; PI) that the surplus of income will nut fall
far short of five millions sterling. Such figures were
never known before in Peace or War. It is the greatest
absolute stun that has ever been raised by toution in

England, though not, of course, the greatest in pro-
portion to the resources of Englishmen. When our
grandfathers maintained the great stzuggle of sixty
years shwa they felt the pressure of taxation on every
tile; it hi our happiness, if it be not our misfortune,
that we yield a greater tribute than they, and without
eeling it. There will be a surplus of crossly five mil-
lions, and we have, in fact, already applied three
millions to the reduction of debt, and have added
ihr -e millious to our balances at the Bank, though
thee, 1, dances, which now exceed £12,200,060, will
probably suffer sous. reduction before the Ist of April.
An pie as our re mipts continue to be, the Hums paid
out during the next fortnight to complete the sup-
; lies for the services of the year murky be expected to
sur,rass them. A surplus of nearly five millions of
Income over Expenditure does not, however, reveal
the whole of the gain of the last twelve months. The
sostalle i Expenditure includes a charge for Terminable
A nullities expiring in 1888, exceeding r. 3,500,060; and
of this suns more than £2,000,000 is rep eyment of capi
tal. The rednution of the balance of Debt agaiust the
nation riming the year 1872-3 cannot therefore be e rtf-
mated at less than seven millions. This ia a very reg.
peetable BUM It may not stand the test of comparison
with what the United States were doing two years ago,
hut it is as much as the Federation is now annually op-
plying to the reduction of its Debt.
We have confessed that there is another rile to this
pleasant Veture. "We have chunk ourselves out of
the American difficulty," said Lord Derby's witty
friend, and he spoke the literal truth. The Excise has
already realized more than 1;25,000,000, ant it seems
prof able thee I y the end of the month its total will
have reached 1;26,500,000, or nearly enough to pay the
whole annual charge for Debt, Terminable Annuities
incleded. Only ft or years ago the Excise revenue
barely exceeded 1;20,000,000, and it has been rising
steadily since, though the increase of this year exuels
that of all is predecessors. 'I his growth means more
Beer, more Gin, more Whisky, and more British
Brandy. Nor is it the only growth which points to
he same conclusions A large part of the self im-
posed taxation of Customs Duties arises from Duties
on Wine mei Foreign Spirit..., and here, again, a great
increase in late years is to be noted. The quantity
of Wine entered for home consumption in 18€2 was
02,378 pipes; after ten years it reached 159,188 pipes
in 1872. The foreign Brandy entered for home con-
sumption in 1862 was 15,000 puncheons; after ten
years it reached 34.302 puncheons in 1872. We have
not the figures of the Tobacco trade at hand, btr. the
importation of Tobacco in the ten years has increased
on a large, if not on a ouumnenstuate, scale. These are
facts which may properly tend to moderate the
exuberant satisfaction the prosperity of the country
' might otherwise justify. The yvir 1872 was a
'• roaring" year for trade ; but how naturally the
' working man takes to his liquor! Ws are not
surprised to find it estimated that out of every pound
of taxation, imperial and local, contributed by the
working classes 13e. fid. arises out of drink
and tobacco, or that 15 per cent, of the expen-
diture of the some classes it absorbed by these
two items, being as mush as is spent by them on
bread and twice an much as is spent on meat. Truths
such as there induce certain serious practical conclu-
sions. The first is that though it is desirable to
lessen the expenditure of the country, it is not se
desirable to lessen its taxation. The revenue of the
year 1872-3 will exceed its real expenditure by seven
millions, and these seven millions are savings which
will be applied in due course to the reduction of debt
and the consequent relief of those who are to come
after no. So far as the prudent citizen is concerned,
the State is thus doing what he would do himself,
but with respect to the reckless and improvident,
the State is simply compelling him to do what
he would not do. The patriotic statesman will en-
deavour to peel etuate the operation of this auto-
maths economy. It was understood that the present
Ministry had intended to throw upon the cowing year
the payment of the Alata,nrr Indemnity, resisting all
temptation to seek immediate popularity by reducing
taxation. Let them, in spite of all that has happened,
adhere to their original uesign. They may be opposed
in carrying it out, but they will not be thought the
worse of by the country for standing by their princi-
ples. Something might also be done, though neces-
sarily on a very small rcele, towards starting a second
seties of Terminable Annuities to expire at some later
' date than 1856—say, to example. 1805. It is ten
years since the first series was initiated, and it is
time that a second should be thought of to com-
mence running now, CO as to be in full operation
when the Met series expires. We know, indeed, that
this has been thought of, for the Chancery Suitors
Food, now under the control of the Chauedloe of the
Exchequer, has been designated AS the matmial for a
second great act of conamutotion of Permanent into
Terminable Annuities. Without, however, venturing
upon such an operation this year, there is ample room
for making the Budget a rallying point for Liberal
members by constructing it upon what may be called
patriotic as oppose i to popular principles and we
believe the best advice that can be given to the return-
ing Ministry is to abide by the resolution they had
token that this idea should 4,uide their financial policy.