The Sun.
London, England, 1853-10-10 00:00:00

THE QUARTER'S REVENUE.

tvoe_ninuoen(;:turn:Tthehse Ofloborstehrvtheoer;
Oqueartobteerr,wmill
the
The Revenue
form, and published on Tuesday
morning. Until the actual figures are added up to
ums
auTdahel
eothmepariscorrespondingoof
theperiod year
the latest day, it is, of course,
and o
fq r.
impossible to be
Enough, however, is already known to enable us to
state that the result of the comparison will be in
every respect eminently satisfactory. In spite of
jpursetcies ended
dineat withh
large reductions—or, as it would now almost seem,
in consequence of these reductions, all those sources
of revenue, in particular, that are moved by the
springs of industry and trade, seem to become more
and More eimaltrAnd enlarged by every suoeessive
removal of restrictions. It is precisely in those
departments of the public revenue where the
largest reductions have been made that the greatest
increase is to be found. Even the abolition of
whole items of taxation—such as the soap
tax—seems to be met with an increased con-
sumption of other exciseable articles on the part
of the population most affected by the repeal, who
are thus enabled to increase their comforts in
every way, and still to contribute their due share
to the public burdens. The continuous success of
the improved commercial policy of late years is the
best test of its wisdom, and the highest encourage-
ment to proceed further boldly on the same path.
The revenue for the year ending the 10th of
October will exhibit a considerable increase over
the year ending 10th of October, 1852. This im-
provement in the year will show a large increase
upon the sum total—whilst almost every particu-
lar item of taxation will contribute its share to the
general result.

The income of the quarter, too, notwithstanding
the reductions which have been in full force during
the last three months, will exhibit an increase upon
the corresponding quarter of last year. The in-
crease, if not so large as the somewhat exaggerated
statements that have been prematurely put forth in
unauthorised quarters, is certainly not to be over-
looked. It will be all the more gratifying, as at
one time a contrary result was looked upon as the
natural effect of the very large reductions of the
last session.

Both on the year and on the quarter the bulk
of the increase will be found to proceed from the
departments of the Customs and the Excise.
There will be a small—probably a merely nominal
decrease in the assessed taxes ; but if so, it will be
owing rather to the accidental state of the collec-
tion than to other causes. Some old stamp duties
repealed, and waiting for the new reductions to
come into operation to-morrow (this day), have no
doubt lessened the receipts from that source in the
last quarter. The total abolition of the soap
duties, which produced 1,200,0001., a year, the
repeal of the advertisement duty upon newspapers,
the reductions in posting and carriage duties and
other items, have to be taken into account, in
estimating the receipts of the Inland Revenue
department. In the teeth of these losses it is
most gratifying to see the Excise exhibit a
decided increase. Nothing can more clearly
demonstrate the satisfactory condition of trade,
and the enjoyment of comforts, and even luxu-
ries, by the great bulk of the industrious popu-
lation. The increase in the Customs, too, is
most satisfactory, when we take into account the
numerous reductions made in the very last session
alone, in addition to those that were made before,
during the last ten or dozen years. The next ses-
sion will probably see the smaller items that still
remain struck off altogether. The revenue has not
suffered in anything like the estimated amount by
the reduction in tea and sugar duties, which have
given such general relief. Some portion of the
quarter's increase, to be sure, may be attributed to
the increased importation of grain, which assists
the Customs revenue to some extent, even at the
nominal impost of Is. per quarter.
Upon the whole it may be confidently stated that
all branches of the revenue are understood to be in
a most prosperous condition ; and that on a balance
of receipt and expenditure a very considerable
surplus will remain, in spite of all reductions of
taxation, and in the face of the not inconsiderable,
but essential, additions made to our expenditure
for the necessary purpose of perfecting our national
defences.

THE NEW PENNY STAMP FOR RECEIPTS
AND DRAFTS ON DEMAND.

(From the Economist. )

We have several letters before us, raising a number of
points in relation to the application of the new penny
stamp, which for convenience we will thus classify :---
1. Does the new act render it imperative to give and
take receipts for all payments of 2/. and upwards
2. Whether a stamp receipt is required for a payment
made in money when an immediate exchange of the
goods and money take place, or when goods are bought
over the counter ; and if this be so how far the rule
would extend to transactions of a more continuous na-
ture, such, for instance, as an hotel bill discharged on
leaving, or the immediate payment of the last of any
series of deliveries included in one purchase !

3. W hether for a payment into a bank to the credit
of a customer of that bank by a third party, it will be
required that a stamp receipt be given ?
4. Whether a receipt for a payment into a banker's by
a customer, be accounted for only to the same person
who pays it in, which shall name a time for the repay-
ment—for example, "to be accounted for six days after
notice, or demand"—may be upon plain paper, the
same as when no specific term is named for the re-
payment ?
5. Whether receipts for debts discharged by bills o
exchange, or stamped cheques payable "to order" and
" on demand," require to be on stamped paper ?
6. Whether stamps are required for receipts for post.
office orders of 2/. to Si. or not ?
First, then—Under the new act, as under the present
law, it will be perfectly optional with those who pay
moneys whether they take receipts or not. There is no
penalty for not doing so. But if receipts in any form
are given, they must be on stamped paper ; and it is not
likely, when so moderate a sum as one penny is charged
that any one will not avail himself of such facility of
having in his possession receipts for all moneys which he
pays, in the chance of their being required.
Second—Payments for purchases over the counter,
made at the time, or for hotel bills, if receipts are taken
at all (which we have already said is entirely optional),
as
al,
will require to be taken on stamped paper, the
_saimr
any other payment, when the amount is for 2/. o
up-
wards. But nothing will be more simple
.than for shop-
keepers and hotel-keepers to keep Inllheads ready
stamped with the penny stamp on which the u
accountc receipt
be made and the receipt en
given on plain paper will expose the shopkeeper or hotel-
keepersi will
to severe penalties.
Third—A receipt for a
payment into a bank by way
of deposit to be accounted
t expressed to be received
not, provided the same be no thn
for, whether with interest or
a the persons to whom
of, or by the hands of any other
the same is to be accounted for, may be given on plain
paper, When money
ispid into a bank by a third
party, as put by our correspondent, it is not, imperative
r
shallgive a receipt at all, and it is very
usual in such cases to
that the banker
- give no receipt; but if a p recei tis
given, it will depend upon the form of it, whether it
ought to be a stamp
or not. If the receipt simply states,
i
"Received to the account of John Smith, (he being the
us ier of the bank, to whom the banker is alone again
to account for it), the sum of one hundred pounds," it is
obvious that it would be exempt ; the person paying the
money would be regarded simply as the agent of John
Smith, and no discharge
paying the money into the bank
wished the receipt given in such a form that it would
serve as a discharge of a debt due by him to the party
on whose behalf it was paid in—that is, if the receipt ran
thus :—"Received of William Thompson to the account of
John Smith, the sum of one hundred pounds"—it is ob-
vious it would not come under the exemption, but would
require to be stamped. In the former case the receipt
would not express that the sum was received of any
other than the person to whom it was to be accounted
for (which is the condition of the exemption), and could
not, in fact, be used as a receipt or discharge of a debt
from 'William Thompson to John Smith ; while the
latter would express the same to be received from a dif-
ferent person than the one to whom it was to be AC-
_