The Express.
London, England, 1866-04-02 00:00:00

TRZ RITZNOZ EZTIIESS.

The Tines observes that we can now calculate
what the revenue will be in the coming twelve months,

supposing no alteration of taxation to be effected.
There will be a surphui—not so large as those to
which we have been accustomed of late years—the
greater part of which is already forestalled, and unless
the Chancellor of the Exchequer ventures on some re-
arrangement of taxation, on which it would of course be
-die to speculate, his teak will be an easy one. It might
even be a question whether the moderate sum which may
be anticipated to be left after providing for the current
expenditure might not prudently be permitted to remain
undisturbed, as a contribution, however small, to that
liquidation of the national indebtedness which we all as-
knowledge to be desirable, but which we are so slow to
take any practical step to secure. The Tilers estimates that
the receipts of 1866-7 may be put down safely at
66,500,0001., from which must be deducted 250,0001.
consequent on the abolition of the timber duties, which,
by the treaty of Austria, we are pledged to abandon. As
the estimates for the coming year are before the country,
and as they show very little reduction in the expenditure
of the last twelve months, the Times concludes that
though the Chancellor of the Exchequer has a tale of con-
tinued prosperity and content to tell on the budget, he
will, at the same time have little, if anything, to give
away.
The most prominent fact, says the Pod, which arrests
our attention on glancing at the balance-sheet now pub-
lished is that the for to the revenue has been considerably
lees than we were led to expect. On the entire year tho
net decrease is just two millions and a half, the items in
which the falling off is shown being of course customs and
property tax. These, however, combined fall considerably
short of the Chancellor's estimate, and an additional proof
is thereby afforded of the soundness of the doctrine that
increased consumption and other causes prevent the loss to
the revenue occasioned by diminished taxation being pro-
portionate to the amount of the impost which is removed.
The nation not unnaturally looks for some considerable
retrenchment in the naval and military departments of the
public service ; but it is impossible not to feel that the
present is not a time in which it could be judiciously
effected. It is true we enjoy profound peace ; but no one
can tell the moment when that peace may be violently
disturbed. The Post fears, therefore, that we cannot ex-
pect from the Chancellor of the Exchequer the ►nnounee-
ment of an enormous surplus, or a consequent large re-
, mission of taxation. But, on the other hand, the revenue

returns for the past year testify so convincingly to the ad-
vancing prosperity of the country, that when the oppor-
tunity for retrenchment presents Itself the burden of
taxation can be diminished to an extraordinary degree
without at the same time materially impoverishing the
national exchequer.
The Telegraph dwells on the skill with which our
present Chancellor of the Exchequer secures the con-
tinuance of ever increasing benefits. The income of which
Mr. Gladstone will dispose in the coming twelvemonth
will be, in the opinion of the Telegraph, about
06,396,0001. The expenditure will probably lie some-
where near 63,750,000/. Thus he will have but
a surplus of 650,0001. to deal with. This an-
nounonnent is calculated to paralyse the energies and
abate the expectations of Sir Fitzroy Kelly and the malt
I tax agitators. Be that as it may, the Telegraph can
scarcely think, after studying the revenue returns, that its
countrymen will do much to encourage the factious and
captious opposition to the Reform Bill, which, if successful,
will tear the helm of the Exchequer from the hand of Mr.
Gladstone, and deliver it over to the guidance of Mr.
Samuel Laing, Sir Stafford Ncethoote, or Mr. Disraeli.

TEN 113701L11 BILL.

The opponents of tho Reform Bill are in the estimation
of the Daily New hard to eatisfy. They ridicule the
indifference of the nnenfranchised classes when they are
silent; and protest against their action when they begin
to stir. The public meetings, of increasing number and
importance, which are now being held almost daily in every
part of the kingdom, put the feelings and the intentions
of the nation beyond dispute. The bill of the government
is regarded as a tolerably fair compromise between the
just claims of the majority of the nation and the fears and
vested interests of the present possessors of power. Un-
fortunately this conception of it is not that which a large
and powerful party in the House of Commons entertains.
They look on the bill, not as the part payment of a debt,
bat as a free gift, going beyond the limits of a wise
generosity. When these two opposite theories try
their strength, it needs little foresight to be oer-
tain which of them will prevail. In the interests

of safe progress and gradual transition, the gores
mesa demands somptanes by all conservative etas

worthy of the name. If they wish to sae earnestness
rislag into passionate excitement, differences of opinion
converted into &roe sectional and personal animosities,
end the quiet and ante* meetings in the several towns of
the empire contributing their quote to n infest mob,