The Express.
London, England, 1860-02-13 00:00:00

LONDON, MONDAY, FBB. 13.

A GLANCE at the progress of trade involves neoss•
eerily an allusion to the annual financial statement ;
for, although the large Dwaine,. which is now going
On throughout the ouuutry Is so soundly based that
it is singularly exempt from liability to spasmodis
fisctuauons, there has undoubtedly been a pause in
some departments pending the promulgation of Mr.
GLALAITONE.B anxiously expected plan. The feeling
of expectancy was the more keen in proportion to
the public appreciation of the rare abilities of our
financial statesman. Every one felt convinced that
his scheme of to:mica would make a deep mark
upon the fecal records of the kingdom. The result
kas equal/ed anticipation. We are presented with
a Budget et ease bold, samprehensive, and sound.
It is mad beams It marks a &Maki ve abandonment
at the attempt to make Meal settlements for future
yeas. It is sound because, with a salutary distinc-
tion, it charges the present (practically) war expen-
diture upon the WOme tax, which has always
been regarded as the great financial reserve in time
of war. We are happily at peace, yet are resolved
to be in readiness for the opposite condition. The
heavy expenditure now in progress is partly in
satisfaction ut previous shortcomings—partly eke, it
mii) be hoped, in reducrion of future outlay. The
nation has taken out a policy of insures°, against
war risks : an income ter of tenpsoos In the pound
repressor' tee annual premium. It is well that the
logical connexion between the public defences and
the income t.x should be kept prominently
forward. What is V..e prospect of a diminu-
tion of this premium of insurance? It ob-
viously depends upon a thoroughly friendly
accord with France, our only naval rival. Herr,
agstri, the Budget te sound and logical; for how can
we make France sincerely averse to a rupture save
by exst:iug into tneir proper importauce those
French interests which a rupture would ruin, whilst
we at the same time present a stronger front than at
Any farmer period of our history ? The commercial
treaty hinds Frsnos over to keep the peace, and so
;does our present armament. In both points the
policy of Ministers is perfectly consistent. Let it be
rettieusbertd, too, that the sincere accord of Great
Britain and France furnishes the strongest possible
guarantee for the miouteoance of peace throughout
the world; and that peace is alone required to raise
this Empire to an unexampled pitch of wealth and
power.

But Mr. GWDtTTONS'S scheme is, above all, sound
because it aims at giving the utmost' degree of free-
dom to the tadostrisl and manufacturing interests,
which represent the real thews and sinews of the
nation's ►trength. Ti an ordinary financier, the
present p►riud of pressure would no: be the time for
encumbering himself with projects of fiscal improve-
ment As they have waited for Jean, be would
e'en let them wait longer. It is precisely here that
the genius of the stste.ma• shines forth. Rising
with the om.sion, Mr. GLAUSTONX tope off the dt-
formi tier of our financial system, even at the cost of
deepening the already huge chasm of the deficit which
it is his most arduous tick to fill up. Whilst @addling
the extra war expendnura upon • war tax, he
correctly regards the saving of upwards of two mil-
lions which is occasioned in the annual charge of the
'mammal debt by the expiration of Annuities, as a
trust-fund which he is bound to employ foe as
special beboof of trade. He enunciates the noble
and enlightened principle that the raw material--
ate pen:nitwit element of indastry—osight net to be
touched by the hand of the tax-gatherer. Let the
raw matenal pass to and fro free se air, for by this
moans alone can the fullest impetus be given to home
industry, and the British autaafeetarer be placed ia