The Sun.
London, England, 1853-07-06 00:00:00

LONDON, WEDNESDAY, JULY 6, 1853.

...---.-40.1.-.-

THE QUARTER'S REVENUE.

The Revenue returns for the financial year
and quarter terminating on the sth inst., which
will be found in another part of this day's im-
pression, afford the most conclusive evidence of
the beneficial results attending the partial adop-
tion of the Free-trade policy of unrestricted com-
petition, and the almost miraculous elasticity of
the national resources. They also exhibit another
and very powerful illustration of the accuracy of
the fiscal paradox, that reduction or even aboli-
tion of duties do not tend to a proportionate loss
of revenue, but that they are sometimes followed
by even increased revenue, the reduction being
compensated by increased consumption, and the
abolitions by ample equivalents from other
sources. We have, indeed, seldom or ever wit-
nessed a return so satisfactory, or in which the
extraordinary effect• of sound fiscal principles are
more strongly exemplified. It proves that the
American story of the tradesman who determined
to spend all his profits for a certain time in
advertisements, but found that it was im-
possible to do so, inasmuch as his gains
grew even more rapidly than his expenditure,
in obtaining additional publicity, was not so very
extravagant after all. And that it is more than
paralleled by the fiscal experiments which have
been tried since the departed statesman—the
lamented Sir ROBERT PE-Pm—gave in his adhesion
to the wiser policy, and commenced reforming
our tariffs without waiting for what was termed
reciprocity from other nations. Under such cir-
cumstances, with such striking proofs of the won-
derful financial resources of the United Kingdom,
what have we to dread from the reckless or
-aggressive conduct of despotic powers ? Why
:should we fear anything which the insolent auda-
city of the AUTOCRAT, intoxicated with the pos-
session of absolute authority, may lead him to
.attempt. In the industry of our people we
possess the true ALADDIN'S lamp, which will pro-
tect us from all perils, and drive those who may
for a time disregard our friendship, speedily to
sue for a renewal of commercial intercourse. We
are too good customers to allow Russia to dis-
pense with the British demand for her raw ma-
terials. The document is, indeed, truly satisfac-
tory; and no less satisfactory than. it is sur-
prising.

Looking at the different items of which the en-
tire balance-sheet is composed, we find nothing to
abate the feelings of gratification arising on the
first cursory inspection. In the Customs, it is
true, that there is a trifling falling off of 57,4121.
on the year, which is partially attributable to the
reductions of duty that came into operation during
its continuance, but in a greater degree to the
suspense occasioned by the delay in bringing for-
ward the " Budget," and the unwillingness of
commercial men to engage in any extensive ope-
rations, until acquainted with the details of the
financial scheme. But the moment that impedi-
ment was removed, there was an immediate rally.
We accordingly find the improvement on the last
quarter, when compared with the corresponding
one of 1852, Ito amount to no less than 441,1731- !
The test of our foreign trade, therefore, shows
that there is great activity prevailing in that im-
portant department.

In the Excise, which is justly regarded as indi-
cating the comforts enjoyed by the labouring
population, and as a necessary consequence, their
full occupation at remune..ative prices, when each
man able and willing to work is sure of obtaining
" a fair day's wages for a fair day's labour," the
result is even more satisfactory. There is an in-
crease on the year of 531,195/. ! and on the
quarter of 352,1011. ! I—thus showing a gradual
and steady improvement, likely to prove more
Permanent than one of greater rapidity. We
must also remember that the anticipated abolition
of the Soap Duties occasioned a general diminu-
tion of stocks, parties being unwilling to increase
the quantity of duty-paid stock when there is au
early prospect of the article being so speedily ob-
tained at a much lower price. This renders the
improvement on
e quarter even more remark-
able than it would otherwise.l have been.
Under the head of
ap-
prehensions were entertainedrnPs' of although some a
falling off, in
consequence of the expectation
oftle year and also
reductions, we
find that there is an increase on
on the quarter—the former showingt
an improve-
ment of 4'T4,4871., the latter 48,‘,022/. 'While in
year ,amount
Taxes, the additional receipts for the
to 51,3451., and for the quarter to 6
In the " Property Tax," as it is f ti y
termed, where the hard earnings of the )1137°11'''.1-
and intellectual labourers are taken into account,
and and taxed as highly as the dividends, interest, or an-
nual produce of the best descriptions of accumulated
and realised property, there is an increase on the