The Express.
London, England, 1855-01-08 00:00:00

THE REVENUE.

Tim Revenue accounts, which we published on
Saturday, demand a little more consideration than
we could then give them. A great importance
attaches to the increase in the Customs Revenue for
the quarter, from the circumstance that with the
exception of a change in the sugar duties, which on
the lower clue of sugars gives a slightly increased
rate of duty, nearly the whole inereue arises from
an increase of consumption. The tea duties are
4d. per pound less than in the last quarter of 1863 ;
all the other Customs duties continue at the same
rate as last year; and the increase in the revenue in
the quarter, 684,0721., is the consequent,. of more
sager, tea, coffee, cocoa, currants, gloves, spirits,
timber, tobacco, &a., having paid duty, than in the
corresponding quarter of last year. It must, however,
be stated, that in consequence of as expectation that
the sugar duties might be raised, a larger quantity of
sugar has latterly been released from bond than has
actually entered into consumption; a circumstance
which may affect the revenue for the next quarter,
and which should inculcate caution in spreading
reports of alterations in duties which interfere alike
with trade and the revenue.

The great increase in the total Customs Revenue
for the quarter is the more remarkable on account of
the falling off in the importation of corn during its
continuance; for, compared to the corresponding quar-
ter last year,the decrease isscarcely lees than 1,300,000
quarter.; making a deduction from the revenue for
the quarter on account of corn of 0,0001. As plenty
of subsistence is the basis of all prosperity, as the
11. duty impedes Importation and stops a greet deal
of trade, the evidence now supplied of its being an
improper scores of revenue—failing most whoa most

needed--etrengtheas the reasons we have on
oceenions urged for the abolidoe of this mists

•
tax.
The failure of hops last sea* leading te a
reduction of the Excise revepue about equal to
the decrease which the fallisig eff la the lar,
portatioa of corn causes in 'the Customs, taehee
ne, too, how precarious and improper a source of
revenue is such a varying crop. In spite of this,
however, the Excise has increased in the quarter
802,9521. Bat it will be remembered that the spirit
and malt duties were raised in 1864, which should
swell the Excise in the present quarter. Without
being able to state to what degree the additional
malt defies have affected consumption, we know that
they have affected it to a degree greater than was
anticipated by the CHANCELLOR of the EXCHEQUER;
suggesting that when we levy new duties we should
be cautious not to interfere with industry, and not to
levy them on articles of comparative luxury, which
are laid aside when the price becomes exorbitant.
In war we must not rely on taxes which, from ca_
price or prudential considerations, may dwindle to
nothing. The increase in the Excise Duties for the
quarter, u the rates have been raised, is not so sure
an index to increased consumption as the increase of
the Customs Duties.

The tax on Income and Property is a much safer
tax for the Camrcal.t.oa to rely on in war than any
tax on articles of consumption. Accordingly, as far
as the collection has been made, it hu yielded quite as
much as was expected. In fact it was calculated that
the quarter's revenue would be about 1,200,0001. more
than in the corresponding quarter of last year; but it
actually turns out to be 1,440,0001. or 200,0001. more
than wu calculated on ; as we meant to have stated on
Saturday, but the sum was, by a mistake, swelled to
the unintelligible amount of 2,000,0001. Although
it is too early to anticipate exactly what
the Property and Income Tax will yield, it must
not be forgotten, in looking forward to the future,
that the very large crops of 1854 area positive addition
to the materials which supply the means of contribut-
ing to the expenses of the State. Rent being fixed and
tithe compensation settled for a series of years, the
State will gain directly and immediately but little by
the increased crops ; but indirectly it will gain much.
They swell the national store ; they will increase the
incomes of those who deal with the agriculturists ; and
they will increase rent hereafter. The large crops of
1854 will add something to the yield of the Property
and Income Tax io 1855.

Throughout 1854, too, the monied classes have
done, and are still doing, well. Their incomes must
have largely increased. Even the mercantile classes
who, at the end of the year, are not so well off u they
expected to be, have given during its progress great
employment to all connected with trade; and they
will not only be able to pay the Income Tax them-
selves, but they will be the means, by the work they
have encouraged, of enabling others to pay. " Last
year was a most prosperous one," according to Mr.
LINDSAY, "to the legitimate shipowners." Suppos-
ing the merchants overtraded, they gave high
freights to the shipowners. The check their opera-
tions appear recently to hays experienced, by the fall-
ing off in exports, is but a seasonable restraint on
the excessive business they have driven with
Australia and the United States. Bat both
these countries bays in them the elements of increas-
ing prosperity, and, in spite of temporary checks,
partly occasioned in one by an impure system of
credit, and in the other by the interference and
extravagance of the Government, both will speedily
recover and hereafter make rapid advances. The last
advices from both are more redolent of hope than
despondency. Both are peopled by energetic men
bent on making themselves prosperous, and with
both the trade that is now temporarily checked must
speedily revive. There is not at present, therefore,
any reason in the circumstances of the people to sup-
pose that the Income and Property Tax will not fully
answer the expectations of the CHANC6LLOIt of the

F. icßEcturs.

At the close of 1853 great dissensions existed in the
manufacturing districts, which extended far into
1854. Now there are no strikes nor any kind of die.
cord in the land. One common sentiment of patriot-
ism unites all classes. If our exports have been
checked, no mills have been stopped, none are running
half-time; no furnaces have been blown out, no shops
have been shut up; we are merely going forward
more soberly, and probably, in the end, more success-
fully, than in 1833 and in the beginning of 1864.
From our agricultural districts nothing is heard but
a note of activity and rejoicing. Larger prices for
a larger crop than ever before grew in Great
Britain are everywhere stimulating the labour
and the skill of the husbandman. It is
one of the peculiarities of the war that it inter-
feres oily with the trade to Russia, and to the general
astonishment, the import of hemp last month, which
need to come chiefly from Russia, was greater than
in the corresponding month of 1853. So after the
flax market has been muck agitated through the
year with apprehensions of wanting supplies, flax or
substitutes for it have been obtained in tolerable
abundance, and we "begin the year," says the
Dundee Advertiser, "with a stook of flax goods and
of jute of nearly unexampled magnitude." Again, a
great appreheesion was expressed by certain brokers
and dealers in the beginning of the year
that we should be in terrible want of grease ;
at the close of the year tallow is 12 per
cent. cheaper than when war was declared. Our
deficiency of Baltic timber has been made up by
large supplies of American, which has fallen 30 per
cent. in price since the commencement of 1854. Of
Colonial produce, and of all articled generally im-
ported from the West, there is no other stint
than our wants and means of purchase.
The war is certainly coeval with a great interrup.
tion to trade caused by mismanagement in the States
and in our own Australian traffic; but in spite of these,
war and overtrading usual causes for distress
being now conjoined, our people are tolerably
well employed in every branch of business. In
some branches, as in iron ship building on the Clyde,
and in the manufacture of arms, they are extremely
well employed. Apart from the impatience at
the mismanagement of the war, contentment and
cheerfulness prevail throughout the land. The
resources of the empire, though the war will put a
strain on them, are rapidly Warming, and a judicious
system of taxation, raising sufficient to carry on the
war with efficiency and economy, applied only to
what is earned, while it leaves the means of earning
entirely free, may encourage economy and oars
without much impeding the growth of the national
wealth.—Daily News.

RUMOURED

CHANGES.

There has been a low boss for some days of what
the hangers-on of party love to dignify with the
name of " negotiations"—of an attempt to reconstruct
a certain portion of the Government. It was con-
fidently affirmed last night in the West-end circles
that the Duke of Newcastle has tendered his
resign atioo, and that " negotiations" have been opened
with Bari Grey, Lord Carlisle, Sir F. Baring, and
others. There was also a talk of Lord Palmerston
or Sir James Graham for the War Department. It
is "palpable to sense" that the difficulties of thei
situation cannot be overcome by such an arrange-

ment as this. Some short time ego an old intriguer,
lt the G* party wraith to a frial4—a Public
oprr will halo a vidtim." The rawest of the Dabs
of Newcistle alone would be merely doing up a
victim to public anger; whereas, will* the public
demands is net sacrillee;bat a gitatantes far triad-
meat. The public does not believe, that all the
sins and shortcomings of the Cabinet are attribu-
table to the Doke ; or that if be be driven
oat like a itapegoat into the non-official
wilderness, he will carry all its offences along with
him. Still less do they look for any essential
addition to the vigour of the Cabinet by the secession
of Earl Grey, or the Earl of Carlisle, or the like.
" Greater yet must the offering be." New dim, both
as regards birth and avocation, are indispensable.
The exclusive rule of the Patricians has broken down :
—Make way for the Plebeians, them—Doily A.m.

THE WAR.