The Express.
London, England, 1862-04-04 00:00:00

TEE BUDGET.

(From the Tina.)
• • All this is pleasant to think upon, and
Mr. Gladstone states it in a TOMSK to put us in good
humour with him and ourselves. But we cannot forget
that when he «averts a surplus of 150,0001. into a defi-
ciency of 30,0001. be is welding the haemostat still closer
to our wrists and ankles. He srumee its peepetnity. He
boasts that he has not been dealing lavishly with taxation,
because he has, in fact, added three millions and a half
to the burden at the income tax. Ile states with com-
placency that It is now 'AI in the pound, and produces
&hoot ten millions a year. At the same time he adds to
the massed taxes, among which his brewing hoses
in its applicatket to private houses, must be considered.
We are not prepared to go all lengths with the policy el
substituting an income tax and various forms of assessed
taxis bur the whole system of indirect taxation. It is not
so conducive to thrift as the old taxes were, for they
directly operated as a meson against expenditure. The
income tax has the opposite tendency, for its heavy deed
drain on the income ',quests the evil thought of ineking
up for it by some plausible species of gambling, or re-
venging one's self ups" it by reckless expenditure. At
leant, we are not satisfied that Mr. Gladstone has exhausted
this pert of his subject so completely as he has the disposal
of his small surplus.

(From the Morning Past.)

Regarding the budget as a whole, its chief claim to
favourable acceptance is its eon-interferecc• with the
existing revenues. Serious as are the consequences ma-
mboed to our commerce by the American war, still they are
by no means so serious u those which may be occasion&
by the ooatissed dearth in the cotton supply to our manu-
facturing dams. Our export tide with America, though
it has suffered by the war, has yet steadily improved during
the pan four mouths. This was clearly demonstrated by
11r. Gladness. But the disastrous effect. of the war make
themselves felt more and more severely every day in the
reanufacturieg district'. To counterbalance those evil
effects, no surplus that a government might hope with sum
OM to ask of Parliament by iocresaed taxation would prove
of any avail. We thick, therefore, that the ministry have
exercised a sowsd judgment in refusing to suggest any far-
ther retinal°a of the present taxation ; whilst they have
shown an equally wise discretion in abstaining from the
attempt to impose additional burdens. Should those bur-
dens unfortunately become subsequently necessary, it will
then be time enough to impose them.
(From the Aforning Adrertiar.)
. . . . .

. -
The right boo. gentleman displays a wonderful alacrity in
putting a cheerful face on matters, even when they are of a
nature the reverse of assuring. Last night, however, it
must be admitted that he had no inconsiderable reason for
the assuring character of his speech. The revenue for the
60111)Cial year which has just closed has turned out better
thou most people expected. Considering the heavy blow
which many branches of our trade—and these the most im•
portent--have received by the prolongation of the
American war, the wonder is that there has not been a

serious falling off in the income of the country. That the
revenue returns, in the face of this depression of trade,
should continue to be so productive, is assuredly a peg
fact, on which we all ought to congratulate ounelves.
It is one which proves, beyond all question, what a sur-
prixicg elasticity there is in the financial resources of the
country. But Mr. Gladstone did not hold out the hope that
we could go on year after year thus keeping our expenditure
within oar income—miler, he added. the moat rigid economy
be practised in every branch of the public service. In the
latter sentiment the nation will concur with him. We
must insist on a universal system of economy wherever that
compatible with the honour and the security of the
country. And we cannot be too thankful to have at least
the implied assurance of Mr. Gladstone, that with due
economy the revenues of the country will be safficient to
meet the expenditure--always, of course, barring those ex-

ceptional circumstanced', such u war, or ;Repaint ions for
war, to which we are always liable, but which happily
seldom occur.

(From the Morning lit raid.)
The ministerial Hudson outdid his prototype and himself
last night, in concealiug the mischief he had wrought in the
fitianecs committed to his charge, and making the beet of a
very unsatisfactory balance sheet. He admits a deficit for
the pot year of 1,160,0001. where be had promised a sur-
plus of about 400,0001.; but it is not easy to believe that
the actual chasm between income and expeaditere has been
so amall as this ; and all who have watched Mr. Cilaibtamee
career are well aware that he is skilled in all those arts
of arithmetical jugglery whereby two and two are &owe
to make five, and three taken therefrom to leave four 111.
rnaining. Of one thing only can we be certain; namely,
that there is no surplus to be found or invented by the most
gelignite speculation in the accounts for the coming year. A
balance of 100,000L—allowing fur the loos on the operation
by which redeems is to be given to the hop•growens at the
expensed the Iffeeress—is, indeed, promised to us ; but we
must leave it to others to discover whet result this modest
anticipation really portends. If a surplus of 400,000/. meaty
• deficit of above a milliou, what is to be expected when
Mr. Gladstone offers an almost even balance between reve-
nue and outlay? Perhaps the Civil Service CORM/1111000111
will put this question in their next examinatiose ; and we
trust they may find • candidate who can answer

It iv understood (says the Times) that the con-
templated Egyptian loan will be brought out on Saturday
(to-morrow) by a leading Loudon bowie.

A testimonial fund ban been commenced in
admooledgment of Ur. Imo Taylor's eminent services to
literature. ➢lr. Taylor las at no time received from his
works may adequate remmeeralios ; he is Dow in his 75th
per, mod las smiaMed seem Seiklol looses ; end moved by
them menideratleee, some of kis Moods sad admirer pro-
pose to 111111111.1114111 of mosey for investment, for the benefit
of ►imsalf sad kis family. Professor Fraser, of Edinburgh,
mid the Rae. J. J. 8. Perowne, of King's College, London,
will act se seeretaries, end Mr. J. Gurney Hoare, of Loin.
se treaeurer of the fend.