The Sun.
London, England, 1847-01-06 00:00:00

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numerous wise

the Customs tariff and Excise duties made by
Sir Robert Peel were in full operation. It is
indeed a pleasing task to be enabled to take such a
review of the past. We wish our anticipations of the
future were equally cheerful. But we cannot look
around at this time, and see the numerous causes which
must operate, in the current year, to depress the condi-
tion of the masses of the population; we cannot consider
the defective supply of cotton, which hinders full em-
ployment to the large and important classes engaged
immediately in that trade, and in those trades indirectly
dependent thereon; we cannot look at the high and still
rising price of provisions of every kind, and of the cer-
tainty that large masses of the people will be able to do
little more than procure the bare necessaries of life at
such prices; we cannot look at the state of the foreign
exchanges and recognise therein an indication of the
critical condition in which our monetary interests stand,
notwithstanding the large amount of bullion in the Bank;
we cannot, moreover, view the financial difficulties of
France and other continental states, with which our
money market must sooner or later sympathise ; and,
lastly, we cannot reflect upon what Ireland now is, and
what Ireland unfortunately will be during the next
year ; we cannot glance at all these subjects and indulge
a hope that on the 6th of January, 1848, we shall have
so pleasing a duty to perform, in reviewing the revenue
for 1847, as we have now had in laying before our
readers the results of the past year.
HERALD.—Considering the tremendous difficulties
which lie before the Government and the country, in
dealing with the. sufferings and the difficulties of Ireland,
it is a matter which ought to cause great thankfulness
that the state of the revenue in the year just closed is
probably the most satisfactory that has been exhibited
for a long series of years. We know not whether the
advocates of free trade, feeling some natural alarm for
the wholesome working of their measure, will attribute
the prosperous state of the revenue to their panacea.
Such a theory, if propounded, would be a most absurd
one. Two of the chief items of increase are, the Pro-
perty-tax, and Miscellaneous. How these branches of
receipt could be benefited by the free-trade measures
which came into operation in the autumn of last year,
is more, we apprehend, than any one can tell. The
simple truth is, that the country had righted itself before
the free-trade schemes were carried. How they will
affect the revenue, we shall better understand on the
sth of January, 1848. Another remarkable fact must
be noticed in the present account. It has been usual,
for many years past, to issue what are called " Deficiency
Bills"—i. e., Exchequer-bills to meet the charges on the
quarter, to such an extent as the public necessities re-
quired. That amount has usually been to the extent of
several millions; and the item was of so invariable an
occurrence, that these words were alwaysprinted, stereo-
typed, as astin.teivhcaehel,e atatmheoufonott ofoftheErxevuehneucieuearc.choiunnsts:—
re-
quired to meet the charge on the Consolidated Fund,
quarter ending" so and so. For the first time for a long
period, that stereotyped line has become useless, and is
struck out ; and in lieu thereof we read, " Surplus of
revenue, after providing for the charges on the Consoli-
dated Fund, and for the Supply, in the quarter ended
January 5, 1847." This is a prodigious and most im-
portant change. To reduce it to the language of common
life, we may say that the nation, for many years past,
found itself, every Christmas, with an overdrawn bankers'
aficncdosu, not
n; —0
pheunti
nngo w after
they ,
e ear
a r 1841.077ag
balanceperd of def
i period
of
1,
365 4551.au1t,
it
at the bankers'. We repeat, that all this is most con
soling, in the view of the fearful calamities and diffi-
culties which overspread Ireland, and which will
inevitably cell upon England for great exertions. With
such a prospect before us, we may be thankful that we
have both money in hand and a solid and ample credit
to appeal to, if necessary.

Dispatches were received yesterday at the Colonial-
office, from the Governor of New Zealand, and from
the Governor of Ceylon.