The Sun.
London, England, 1849-10-11 00:00:00

inning 1111 t

LONDON, THURSDAY, OCTOBER 11, 1849.

THE QUARTER'S REVENUE.

The Revenue Returns for the year and quarter,
ending the 10th of October, will be found in
another part of this day's impression. They appear
to be of a satisfactory character, and afford indications
of a gradual improvement of the nation from the
financial difficulties in which it has been involved for
some time past. The industrious classes have, indeed,
passed through a fearful ordeal during that disastrous
period. Two years since there was a monetary
panic,! a total cessation of :credit—the interest of
money was three or four times the usual rate. The
Bank Charter Act, which, if not the cruse of this
fearful state of things, had at least materially in-
creased the intensity of the crisis, had been virtually
suspended. Its most enthusiastic advocate was compelled
reluctantly to admit that if it had been maintained
in all its stringency there would have been a cessation
of cash payments. The Bank of England, with
8,000 0001. sterling in its coffers, would have been
unable to have met its engagements. The very
measure that was intended to have secured the con-
vertibility of the bank note would have had a totally
different effect. The Chancellor of the Ex-
chequer, however, yielded at the eleventh hour.
The apathy and indifference with which he had lis-
tened to the representations of the merchants and
bankers of the United Kingdom immediately
vanished when convinced of the danger of the Bank
it-elf. The celebrated letter of the 25th October,
1847, was wri ten, and its beneficial effects were
almost immediately apparent, confidence was im-
mediately restored. There had never been the slightest
doubt as to the real solvency and stability of the
national establishment ; the only danger was occa-
sioned by the mischievous restrictions of the Act of
1844, which prevented the directors from rendering
available the large amount of bullion lying idle in
their coffers. Notes were as acceptable as gold, but
it was feared that those notes could not be issued,
and the natural result was the run upon the deposits
that threatened such calamitous consequences. The
permission to dispense with and disregard the provi-
sions of the Act removed the danger, and the nation
was preserved from a catastrophe of which it was
impossible to foresee the result.
Since that period there has been a gradual but
slow improvement, which would have been much
more perceptible but for the undue caution
exhibited by the Bank authorities. " The screw "
was still kept on, the discounts were lirnitsd until the
private securities were reduced to less than half the
amount at which they formerly stood. Had greater
liberality been exhibited, the difficulties would long
since have passed away, and the country would have
been restored to prosperity. We must, however, be
contented with the scanty measure which our rulers
are inclined to accord, and to rejoice at the symptoms
of returning vitality afforded by the National Balance-
sheet for the past year. There is an improvement of
the total revenue, both on the year and quarter—on
the former of 235,5711., and on the latter of 281,3841.,
the greater portions whereof are on the ordinary
branches of revenue, which for the year is 222,3671.,
and for the quarter 276,0931. ; and it is
satisfactory to be enabled to state, that the ameliora-
tion is to be found in the most important items. It
is true, that there is a decrease in the Customs' re-
ceipts on the quarter of 153,211/. This falling off,
can, however, be fully accounted for by the removal
of the tax on corn, from which a considerable sum
WAS realised during the corresponding quarter of last
year. There have been several important reductions
of duties, which have come into oFeration during the
past year without any mischievous results ; indeed,
the increase under the head of Customs on the
twelve months is no less than 298,7361. This result
is conclusive as to the accuracy of the financial propo-
sition, that the reduction of taxation does not tend to
the proportionate reduction of the net revenue.
The Excise, which may be regarded as the index to
the condition of the labouring population, exhibits,
we are happy to say, an increase on th- quarter of
185,0031. The tide has at length turned in this most
important branch of the national revenue. The year,
however, still exhibits a falling off of no less than
443,945/., which may partly be ascribed to the defi-
cient crop of barley last year, and partly to the post-
ponement of the collection of the hop duties, in
consequence of the difficulties and embarrassments
experlenced in the hop-growing districts. The chief
increasein the quarter is in the spirits and paper
duties, the former of which is in some degree attribu-
table to the fearful epidemic raging throughout the
country, which led to a greater consumption of ardent
spirit.: than is usually the case.
The Stamps exhibit an increase on both the year and
quarter—on the former:of 125,1081., and on the latter
of 224,8051. This in some degree warrants the infer-
ence that there is a greater degree of activity in the
commercial world than during the preceding year.
A portion of the increase is owing to larger receipts
for probate and legacy duties. Taxes, while they
exhibit an increase on the year of 18,4271., show a
decrease on the quarter of 12,5991. This may pos•
sibly be owing to greater indulgence being ex-
hibited in he collection. The amount must be pretty
nearly the same, for the assessment must be paid
sooner or later, whatever may be the consequence.
The Property-tax, which indicates the condition of
the middle classes, as the Excise does of the working
population, is also recovering from the shock it
sustained during the disastrous years 1847-8. The
(Ailing off on the entire year is but 2,209/., while the