The Express.
London, England, 1867-01-01 00:00:00

THE REVV/VF--SATIsVACTORT RETVIIN.

The revenue, says the Times, continues to de-
velop itself beyond all anticipation. The return published
this morning will, probably, surprise even the most san-
guine fintnciers, the receipts of the past nine months
show a net increase over the previous year of little less
than 1,000,00ei., while despite the large reductions in 1865,
which told chiefly upon the first quarter of 1866, the
net decrease for the whole year is only 410,8161.
By the reductions of 1864 and 1865 Mr. Gladstone aban-
doned lit,le less than 6,000,0001., and the revenue has
actually recovered to the extent of 3,500,0001. in the same
period—the calculation exactly corresponding with the
estimate made in 1864 by Mr. Gladstone. When the
several items of this increase are examined the result
appears still more satisfactory. The customs, which
were the taxes chiefly affected, show actually a
larger return than in the quarter before these large
reductions were made ; and the condition of the excise,
which has increseed for the whole year by nearly
1,000,0001., despite the deficient harvest, is more extraor-
dinary still. The customs and excise provide the real sub-
stance
of our national income, and are the true tests of its
prosperity. The income tax, however, also exhibits a
similar development. For example, the return for the last
quarter of 1864, when the rate stood at 6d. in the pound, I
was 1,580,0001. The rata is now one-third less, which
should have reduced the revenue to little more than a
million, whereas, in fact, it is 1,314,000/. Estimating the
results with which Mr. Disraeli will have to deal,
the Times places in the right honourable gentle-
man's hands • probable surplus of about 1,750,000/.
Whether it will be prudent, adds our oontemporary,in our
position to apply this satisfactory balance to the reduc-
tion tf taxation may be • somewhat anxious question. It
will be difficult to avoid some change in our military
system, and we scarcely venture to hope that the govern.
meat will increase the efficiency of our military and naval
forces and at the same time diminish their expense. But
to whatever purpose the money may be applied it is
equally agreeable to know that we commence the year
with a very considerable balance. If additional expendi-
ture should be necessary, our recent policy has enabled us
to undertake it without in any way augmenting our
burdens ; or, if we have more money than we want, we can
still further lighten • weight of taxation which has already
been greatly reduced.
The Triegrapk, after giving the principal figures, re-
mark■ that they make plain at lent one thing. Who-
ever may be the Chancellor of the &chequer three months
hence, lie cannot choose but follow iii the path which is
marked out by so many signal-posts of success. There is
room for a yet further extension of the beneficent prin-
ciple wham history is illustrated by an unbroken series of
brilliant triumphs. Imposts may yet be simplified or re-
duced with benefit both to the treasury and the nation.
If there exists anywhere • fossilised relic of the old pro-
tectionist party, who has clung with tenacious fidelity,
through good and evil report, to the exploded doctrines of
his creed, he may well ask himself how the commercial
lei;islation of twenty years ago would have stood the
crucial test which we have just borne.