The Express.
London, England, 1858-04-20 00:00:00

LONDON, TUESDAY, APRIL 20.

Ma. Disitaufe Financial Statement has, at all
events, the merit of being neither very complicated
nor unreasonably diffuse. A certain amplitude of
manner and redundancy of expression appear, by the
general consent of all Chancellors of the Exchequer,
to be regarded as absolutely indispensable in ad-
dressing the Committee of Ways and Means. Mr.
DISRAELI, though he may not have abused, yet did
not entirely forego this traditional prerogative of
being tedious. The journalist, who has no such pre-
scriptive rights of periphrasis, will probably be ex-
cused in coming at once to the point.
The first question is, what is the amount of our
expenditure for the year 1838-69 ?—the second is,
how to provide for it ?—the third, how to make good
the deficiency? The total charge for the financial
year is 87,110,0001., made up of the following items:
—The charge for the funded and unfunded debts, in
other words, the interest payable to the public
creditor, is 24,800,0001. The charge on the Conso-
lidated Fund is 1,900,00014 showing an increase of
200,0001. on the charge last year, in consequence
principally of that compensation to the Proctors
which Mr. MALINS, as the fugleman of the vested-
interest party, was mainly instrumental in procur-
ing. Our Army and Militia are to cost us 11,750,0001.,
our Navy 9,860,0001. For Civil Services, itcluding
Law, Pollee, and Education, the nut required is
7,000,0001., being 400,0001. less than last year.
Of this amount Education alone absorbs
one million. The charge for the Revenue de-
partment is 4,700,0001. The last two items
of the account are the War Sinking Fund, which is
a million and shalt, and two millions of Exchequer
Bonds, the liquidation of which falls due next
month. To meet this outlay of 87,000,0001. (in
round numbers), the estimated revenue of the finan-
cial year is a little over 63,000,0001. It is calculated,
and apparently on safe grounds, that to this total the
Customs will contribute 23,800,0001., the Excise
18,100,0001., Stamps 7,530,0001., Income Tax
6,100,0001., Taxes (land and assessed) 3,200,0001.,
Post-office 3,200,0001., Crown Lands 270,0001.,
Miscellaneous 1,300,0001.

The amount of deficiency to be made good is, in
round numbers, 4,000,0001. This deficiency is occa-
sioned, not by:any falling off in the ordinary sources of
revenue, but by a cessation of taxation, and an en-
gagement to pay an extraordinary amount of debt.
Mr. DisaAEas mode of meeting it is, primarily, by
getting rid of two items of debt; secondarily, by
imposing a trifling amount of new taxation. He
doe. not propose to reimpose the lapsed 2d. of the
Income Tax, which will continue to stand at 3d. till
further orders.: The two items of debt he proposes to
deal with are the War Sinking nod of 1,600,0004
and the 2,000,0001. of Exchequer Bonds which are
just falling due. The latter he proposes to renew,
by fresh bonds, of the same amount, of which
1,000,0001. is to fall due in the year 1862, and
the residue in the year 1863. The payment of
monies on account of the War Sinking Fund is
to be deferred till the country is again in possession
of a bow' i fa* surplus. Few perhaps will be inclined
to contest the principle that to raise loans or impose
taxes, in order to create an artificial sinking fund,
is a circuitous piece of financial pedantry. If our
income exceeds our expenditure, it should, of coarse,
be appropriated to the liquidation of debt; but to
incur debt in order to pay off debt is an operation
hardly less objectionable in the CIAO of governments
than it is ruinous in the case of individuals. By thus
suspending the War Sinking Fund and deferring
the period for the liquidation of the Exchequer
Bonds, Mr. DISRAELI sweeps away 3,600,0001. of his
4,000,0001. deficiency. He has still 500,0001. re-
maining to provide for before he can make both enda
meet.

His mode of accomplishing this very necessary
purpose is by imposing two new taxes. By the first
he equalises the duty on Irish and British spirits;
raising it on the former from 03e. 2d. a gallon to Bs.,
the duty now imposed on the latter. The calculated
produce of this increase of duty is 600,0001., the
exact sum wanted for tilling up the deficit. In order,
however, to be quite sure about the matter, and to
secure a little elbow-room, Mr. DISRAELI falls back
upon a device, familiar to more than one of his pre-
decessors, of imposing a penny stamp on all bankers'
cheques.
Such is the financial scheme of the new CHAN-
CELLOR of the EXCHEQUER. The imposition of new
taxes, however small in amount, is necessarily un-
palatable to the climes more immediately affected
by them. That the banking interest should protest
against the penny stamp on drafts was of course to
be expected, but it is difficult to conceive how a tax
so trifling can seriously impede the current of those
payments which are principally made by cheque.
On this point, however, Mr. OLEN is very positive,
and threatens serious representations from the City.
Of coarse, too, the discovery has been made that
common justice to Ireland demands a differential
duty of la. 10d. a gallon in favour of the ardent
spirits which are manufactured in the country of
St. Patrick; but the representatives of England
and Scotland will scarcely reciprocate the sentiment
which has kindled such a flame of patriotism in
GROGAN, and FAQAN, and BAGWELL. There are few
subjects on which the imposition of high duties is
leas objectionable than on spirits, and however the
increase of the tax may affect the Irish consumer,
Mr. Draamtu and Sir 0. Lewis are probably correct
in anticipating that its equalisation will rather be a
benefit than a detriment to the producer.

In disclaiming all intention of seeking to re-impose
the lapsed 2d. of the Income Tar, Mr. Dismay
bag probably pecured the (substantial popularity et