The Sun.
London, England, 1849-07-06 00:00:00

FROM TIIE MORNING PAP:

TH V. QUARTER',

REVENUE.

MS OF THIS DAY.

TIMES.—The quarterly statement of the Revenue
published last night may possibly alarm the hasty or
uninformed reeder. The chief figures, as compared with
the corresponding quarter last year, exhibit a consider-
able falling off, which, however, admits of a satisfactory
explanation. On the Customs of the quarter there is a
decrease of 319,0551., more than accounted for by the
reduction of duties on sugar and on corn. On the Ex-
cise of the quarter there is a decrease of 453,2011., owing
to various causes well known to the public. The post-
ponement of the hop duty accounts lcr 180,0001. The
inferior quality of the last barley crop for brewing pur-
poses, and the conscqvent falling off in malt duties, may
be set down at 200,000/. To this must be added, that,
in consequence of the warehousing system, spirits now
only pay duty when they enter into consumption. This
may be put at 20,0001. The six minor branches of the
ordinary revenue exhibit an increase on the quarter ;
stamps, 62,0571., denoting a greater amount of mercan
tile transactions; taxes, 20,5971.; property-tax, 44,839/.;
Post-office, 80,000/.; Crown lands, 30,0004 ; miscella-
neous, 60,913/. Two of these items call for remark.
The apparent increase in the Post-office is chiefly ex-
plained by the circumstance that the quarter ending
July 5, 1848, was charged with the payment of some ex-
traordinary arrears. The property-tax, too, of that quar-
ter was affected by the numerous bankruptcies and other
disasters of 1847. We have spoken only of the quarterly
comparison and the ordinary revenue. On running over
the figures in comparison, and deducting from the two

items of decrease the six minor items of increase, the net
decrease on the quarter is found to be 493,8501. Of this
decrease we will once more observe that it is far less

than what might justly have been expected from our late
sweeping remissions, and from the postponements of duty
we have referred to. Passing on from the quarterly to
the yearly comparison, it is obvious that a review of the

last eight quarters can present no foatures of novelty to
the reader. He is already aware that during the year
ending Lady-day, 1849, as much as 950,0001. was raised
upon the imports of corn, against a nominal duty in the
previous year. He is also aware that the same year ex-
hibited a very large decrease in the stamp duties, owing
to the timely but disastrous collapse of speculation. Both
these facts are prominently denoted in the table before
us. Under their counteracting influences the ordinary
revenue of the year just past exhibits an increase of
668,5511. For the additional results obtained by taking
into account such extraordinary items as China money,
Imprest and other moneys, and Repayment of Advances,
we must refer our readers to the table itself. They happen
this year to balance one another with unusual exactness,
leaving the increase on the year, as well as the decrease
on the quarter, very much the same as they find it. Half
a million of revenue minus on the quarter, though ex-
plained ever so much to the public satisfaction, is a fact
which demands something more than explanation. We
have sacrificed it deliberately and wisely; but how does
the nation propose to meet the sacrifice? This intro-
duces us to the great financial question which it devolved
upon Government to settle in February, 1848, and which
has been once more obtruded on their notice this year.
Last year Ministers proposed to cover increased ex-
penses, new loans, and free trade, with an additional
income-tax. Beaten out of this, they undertook a re-
duction of expenditure. In virtue of the Parliamentary
understandings entered into last year, a diminished
revenue ought now to be balanced by a diminished ex-
penditure. We are happy to say that it is so in fact.
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as new economical arrangements are coming into
operation, there is no reasonable doubt that, though
we are surrendering the resources of the Exchequer
for the public relief, we are not doing this at the
expense of posterity. To remit taxes and retain the
expenditure would indeed be " burning the candle at
both ends." We are not doing this, nor is there any
reason why we should, unless we are provoked or en-
trapped into war, when we should probably think some
hundreds of millions a cheap price for national honour.
Frem the last returns of the Board of Trade, of which
we yesterday gave an analysis in our "City Intelligence,"
our exports and imports show a steady and equal im-
provement; and although that improvement is by com-
epvaernisot
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present a period
circumstances o of
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bited an increase, as comparedwiththecosroroesnpoonrdlainte
exports that we purchase imports, and as
there must be a balance between the two, it is unneces-
sary to say that, in the present healthy and uniform
state of commerce, imports are also increasing. The re.
turns of corn and flour, provisions, the raw materials of
manufacture, comforts and luxuries, indicate an increased
demand, a revival of trade, and a rising exchequer. Re.
cent experience has given us just reason to suspect any
sudden excess either of imports or of exports as apt to
end in bankruptcy here or elsewhere. We are now going
on safely enough, and we see no reason to doubt the
Chancellor of the Exchequer's hope of a progressive re-
venue sufficient to fill up the temporary chasms made by
our recent

CHRONICLE.—We this morning lay before our
readers the official abstract of the Revenue Returns for
the year and quarter ending the sth instant ; and we
proceed to Offer a brief summary of the leading results
afforded by the usual tabular comparison between the
year and quarter just expired and those which termi-
nated on the sth July, 1848. The Return of the past
year's revenue exhibits, as compared with that of the
preceding one, an increase of 726,4831.—the whole of
which, with the exception of somewhat less than
60,0001., has accrued, it will be seen, independently of
extraordinary sources of income, such as China money
and repay merits of advances. This aggregate increase of
726,483/. being 668,5511. on the '1 otal Ordinary
Revenue of the year—is made up of the follovsing items:

—On the one hind, there is an.increase in the Customs
(notwithstanding the expiration of the corn duties on
the 31st of January), of 921,7861.; in the Taxes, of
32,7974; in the Post-office, of 62,000/.; and under the
heads, " Crown Lands " and Miscellaneous,"
of 59,0001. and 54,1581. respectively. On the
other hand, the year's Excise shows a de-
crease of 66,3201. while the Stamps have
fallen off to the amount of 345,7001., and the Property-
tax hus decliard 49,1701. The quarterly comparison
yields a less satisfactory result. Fur the quarter ending
the sth instant, as compared with that ending the sth
July, 1848, we find an aggregate decrease of 468,5464
—which, if we lay out of view an accidental increase
of about 25,0001. arising from extraordinary sources,
swell to a loss, for the three months, on the Total Or-
dinary Revenue, of no less than 493,8501. The follow-
ing are the particular items of this portion of the return
before us. Under the head of Customs we find a decline
of 319,0551.—whi1e the Excise has diminished to the
extent of 453,2011. It will, however, be recollected that,
as regards the first of these important branches of reve-
nue, the expiration of the corn duties completely falsifies
any discouraging inference that may be drawn from a
superficial comparison between the two quarters; and with
respect to the Excise, the postponement of the collection of
the hop duties will alone account for a large part of the
apparent diminution. To set against these two heads of
decrease, we have an increase for the quarter in every
branch of the Ordinary Revenue. The particulars of this
increase are as follow :—Stamps, 62,05:4; Taxes, 20,5971.
Property-tax, 44,8391. • Post-office, 60,0001.; Crown
Lands, 30,0001.; and Miscellaneous, 60,913/. We need
scarcely remark that two at least of the preceding items
—viz., Stamps and Post-office—are only inferior in im-
portance to the Customs and Excise, as indicative of
the activity of trade and the general condition of the
people. We may take a future occasion for endeavour-
ing to elucidate more fully the practical import of the
above facts and figures. For the present we leave them
to be pondered over by the reader—merely remarking
that, while the less agreeable portions of the preceding
disclosures are obviously referable,
g items on the " in•
di oen but
n,
ie s
towards evidently
aindicateprogressive m
developmenti anntehn and et
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tof
spe-
cialnormalour
or temporary causes, the leading
crease" side of the account will admit of no such expla-
nteant
industrial energies and financial resources.
lIERALD.—The
dccuMnen'thsaisnacceatrhneeltynetrveedrubeetei introduction Rt-Ner Quarterly Abstract of the Public
lefruesein-gtraodresaprinciples.
In the present instance, while the large sums received as
duty on corn, in the last six months of 'lB4B, make the
whole year wear a prosperous aspect—the apparent in-

crease being 726,4831.—the darker side of the picture
appears the moment we look at the quarter's account—
on which there is a decrease of 468,5461. But compari-
sons with the last year, we are continually reminded, are
unfair and delusive, inasmuch as the state of the conti-
nent during 1848 very greatly injured trade. Let us
then avoid this, and rather compare the quarter just
closed with the same quarter of 1847, in which period
none of the continenal troubles had broken out. The
comparison between the two quarters—that ending on
July 5, 1847, and that just closed, will exhibit the fol-
lowing results:— _ _

1849.
Customs £4,128,777
Excise ~ 3,020,602
Stamps ••• 1,619,697
Taxes I— 2,054,730
Property-tax 1,033,240
Post Office ••• 196,000
Crown Lands ... ••• 40,000
Miscellaneous ... 7,461 70,140
The result, then, is, that after the complete establish-
ment of the free- trade principle, which, it was pro-
tested to Iv, would throw all branches of trade into the
greatest activity, we now find that taking the amount of
1847, and comparing it with that of the last quarter,
there is a plain and considerable falling off. On the
Customs we perceive a reduction on the quarter, of
neatly 100,000/. On the Excise, of 270,000/. On
Stamps there is a falling off also of 270,0001. On Pro-
perty Tax, Crown Lands, the reduction is scarcely
perceptible.
POST.—By the official statement of the Revenue, for
the quarter that terminated yesterday, we regret to find
that, compared with the corresponding quarter of last
year, there is a decrease of 468,546/. The main decrease
occurs in the receipts of the Customs and the Excise—
the one being generally considered as indicative of a
falling off in our foreign trade, and the other of dimi-
nished consumption at home. A Ministerial evening
Contemporary attributes the deficit in the Customs to
the loss of the corn duties, and no doubt that circum-
stance has had its effect. Without the advantage of
official inspiration we have ventured for some time past
to, foretel this result, and we did not do so without
pointing out the remedy for the evil. No matter by
what name you may call it, Protection must be re-
enacted. If it be necessary for tender consciences, de-
scribe it as for the purposes of revenue merely; but a
duty on the importation of corn is inevitable. Nor do
we see the difficulty in which her Majesty's present Mi-
nisters would be involved by such a course. They
have on various occasions admitted the principle. Lord
John Russell in his place in Parliament, and Lord Pal-
merston to the electors of Tiverton, expressed their
approval of an eight-shilling duty ; Lord Grey,
though differing slightly from his colleagues to the
amount, equally recognised the principle of an import
duty. The state of the revenue and the interests of native
industry alike point to this course, and we confess we
cannot account for the apparent hesitation in recurring
to it. A measure required by the combined necessities
of the State and of individuals, and sanctioned in com-
mon by the two great political parties in the country, is
surely one which any Government might feel justified in
adopting. And that it will be adopted we have no
doubt; but there is no time to be lost. The case is one
of urgency. That, on the year ending on the sth inst.,
there should have been, according to the tables now pub-
lished, an increase, compared with the previous year, of
726,4831., is s fact that in itself shows the advantage
accruing to the revenue from an almost nominal duty on
corn imported. An eight shilling duty would not only
swell the Customs return, but
.by its salutary effect on
the circumstances of individuals it could not fail also to
remove the deficiency that is now apparent in the income
arising from Excise.

1847.
... £4,519,119
... 3,291,052
... 1,869,464
... 2,075,801
... 1,036,517
•.• 215,000

SPORTING INTELLIGENCE.
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BETTING ON WEDNESDAY.
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