The Sun.
London, England, 1848-07-06 00:00:00

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LONDON, THURSDAY, JULY 6, 1848,

THE QUARTER'S REVENUE

D;

seasons.
The Customs show a decrease both on the year
and quarter, on the former of 903,3601.—0 n the
latter of 71,2871. The great exertions used by the
Bank of England to bring gold into the country, and
to which, under the present monetary code, every
other interest must be sacrificed, will account for
this great deficiency ; indeed, we could not reasonably
expect that there would be so large a consumption of
articles of luxury or even of comfort, as at ordinary
periods. The smaller proportional deficiency on the
quarter would appear to indicate a revival of trade
and a greater activity in our commerce. We fear,
however, that it may be otherwise accounted
for, and that it is owing to the duties on
foreign corn, which had been suspended
by orders in Council during the past year, in conse-
quence of the deficiency of food occasioned by the
failure of the potato crop. These duties have been
recently revived, the time for which they were sus-
pended having elapsed. Considerable sums have been
received on that account, to which the more favour-
able returns of Customs on the quarter may be
ascribed. It must be borne in mind, too, that the
period during which those imposts can be received,
is limited by law—that shortly no revenue can be
obtained from taxes on corn. This, therefore, is a
failing source for which some substitute must be

found.
On the Excise there is a decrease on the year of
470,7651., but on the quarter there is an increase of
182,7511. This improvement in returns, which
might be fairly regarded as affording the most fa-
vourable tests of the general prosperity, of the degree
of comfort enjoyed by the great body of the people,
of those who earn their bread by their daily ex-
ertions, would appear to furnish real ground
for rejoicing; we fear, however, that it must be taken
" cunt gran° salis "—that there is some drawback to
the public felicitations. A new mode of taking the
public accounts was introduced some time since, by
which certain duties—for instance, those on
carriages, &c., &c., were transferred from
the head of " Stamps to that of
" Excise ;" to this change, then, the improvement
in the Excise on the two last quarters, viz. of
349,7361. on the quarter ending sth April, and of
182,7511. on the quarter ending sth of July, may
chiefly be attributed. It will be found that there is
a corresponding decrease under the head of Stamps
of 752,688/. on the year, and of 311,8241.
on the quarter. On " Taxes," which in other quer-
ters there had been some slight improvement, there
is a deficiency on the quarter of 40,8681., which
suffices to turn the tables, and to show a decrease on
the entire year of 19,0291., in place of an
increase. The Property-tax, too, shows a se-
rious falling off in the income of the contribu-
tors, it is less by 80,733/. on the year,
and 48,1161. on the quarter. Here, unfor-
tunately, no reaction is perceptible, on the
contrary, the evil continues to progress.
The deficiency of 80,6831. on the year would
show that the incomes of parties taxed had
decreased by nearly 3,000,000/. The deficiency of
48,1161. on the quarter would show a diminution in
the resources of all those who were pos-
sessed of 150/. per annum and upwards, either
from realised property or from the earnings of their
own industry, of more than 6,000,000/. per annum ;
arid as it is the latter class that have been the chief'
sufferers, we may see a melancholy evidence of the
distress that must have been encountered by such
persons.

It has generally been our lot to congratulate the
Public on the steady and progressive improvement
exhibited in the Post-office returns since that able
and efficient public servant, ROWLAND HILL, has
acted in that department. This quarter, unfortu-
nately, shows a decrease of 79,000/., which
occasions a decrease on the year of 67,0001.;
there would otherwise have been an increase. This
however can be satisfactorily accounted for. It
being ascribable to the payment of considerable
arrears for the carriage of mails, to an amount ex-
ceeding the deficiency—otherwise there would, as
usual, have been exhibited a small but steady
improvement. The other items on which
there are improvements on the quarter, but
deficiencies on the year, do not call for
any particular notice—they are Crown Lands, which
show a decrease of 41,0001. on the year, but an
increase of 10,0001. on the quarter; and Miscella-
neous; which exhibit a decrease of 77,420/. on the
year, but an increase of 81,6511. on the quarter.
Perhaps some change in the mode of taking accounts
may, however, be the cause of this latter improve-
ment. We fear the Chancellor of the Exchequer
accounted for it on Friday last, by the earlier

The Revenue Returns for the year and quarter end-
ing the sth July instant, have just been published,
and will be found in another column. There is at
east one comfort to be derived from their perusal,
which is, that on the whole they are better than could
have been expected, considering the fearful depression
under which every branch of trade, manufacture, and
commerce has laboured during the past year, and the
general dearth of employment and consequent dis-
tress of the industrious classes—the parties upon
whom, under the present system of indirect taxation,
the chief part of the burden is permitted to fall, and
who are compelled, out of their hardly-earned wages.
to defray the interest of an enormous debt, con-
tracted for the preservation of the property of the
country, of which property a very inconsiderable
portion only is in their hands. We must, however, be
thankful that it is no worse, and rejoice at even the
gleam of sunshine which thus enlightens the former
gloom. True it is that there is a decrease of income
on the entire year, when compared with that ending
the sth July, 1847, of 2,587,709/. which would have
amounted to 3,042,7301., but for an unexpected god-
send of no less than 455,021/. of China money, which
had been detained in transitu, at the Cape of Good
Hope, in order to provide for the extraor-
dinary expenses of the " Kafir war," and which
was carried to the general account in the quarter
ending the sth of April last ; and thus was " twice
blessed," as it came in the year of deficiency.
Had it been received in the former year it would
have increased that deficiency to 3,497,7511. This,
however,lis a source which is henceforth for ever dried
up, and from which we cannot again hope for a simi-
lar contribution to the national Exchequer. In every
single item, ordinary and extraordinary, there is a
serious decrease during the year, with the exception of
the China money to which we have already alluded,
which alone appeared in the column devoted to
increase on the year, which column might have
been wholly omitted but for that happy windfall
Some symptoms of improvement are, however,
discernible in the quarter, in which the
"Excise," "Crown Lands," "Miscellaneous," and
" Imprest and other Moneys" appear on the right
side of the books ; and the total decrease under
every head amounts to but 274,4851. Yet even this,
unfavourably as it might be regarded at other periods,
is made a subject of unbounded joy, on which the
Chancellor of the Exchequer might justly congratu-
late himself, and the publication of which, coupled
with other favourable indications, had the effect of
creating an immediate improvement in the English
funds ; and justly so, because it would appear that
the tide which had been at low water, and " turned
during the preceding quarter, was still flowing, so
that we may look for ward to a more propitious