The Sun.
London, England, 1846-01-06 00:00:00

THE QUARTER'S RE VENUE.

CHRONICLE.—The official tables of the revenue,
for the year and quarter ending on the sth of January,
are given in another part of our paper. On the whole,
they are calculated to abate the fears which the serious
diminution exhibited in the previous quarter's tables
excited in the public mind. But they do much more
than this. The rally in the accounts for the quarter,
notwithstanding the serious depression of commerce and
trade during the last three months, is a significant com-
mentary on the merits of that system of financial reduc-
tion which we hope will be extended next session to
every article, the great as well as the small, in our tariff.
Sir Robert Peel, in his financial statement of the 14th of
February last, anticipated a loss of 3,356,0001. from the
reductions he then proposed. The actual decrease on
the year just ended is 635,5501., the loss of 2,273,466/.
on the Customs being compensated by increase in other
items, the Excise, the Stamps, and the " Miscellaneous,"
which, of course, comprises the last receipt of China
money. The increase in the Excise, both on the year,
and especially on the quarter, is remarkable; the increase
in the Stamps indicates a business activity, part of which
may be traced to railroad speculation ; but the steady
progress in the Post-office revenue is, perhaps, the
most gratifying feature of the whole. It is surprising
that the Property-tax should exhibit a decrease both on
the year and on the quarter. Increased profits and re-
newed assessments ought, one would think, to have
increased, rather than diminished this source of income.
Whatever may be the cause, the ardent advocates of
direct taxation may well ask whether or not it is more
applicable to a complicated state of society, in which
income fluctuates every day and every hour, than a
judiciously-devised system of fiscal duties, levied for
revenue purposes. The decrease on the Property-tax is,
for the year, 165,0261., and for the quarter, 100,5561.
The result is, that on the year just ended, as compared
with the previous one, there is a decrease on the Cus-
toms of 2,273,446/., but an increase on the Excise of
17,0011., on the Stamps of no less than 540,7242, and
on the Taxes of 7,3541. On the Property-tax there
is a decrease of 165,0261., but on the Post-office an
increase of 56,000/. The Crown Lands have been dimi-
nished by 35,000/., but the item of Miscellaneous is in-
creased by 569,6111. On the entire items there is a de-
crease on the year of 633,5501.
HERALD.—The revenue returns for the year ended
yesterday are in the highest degree satisfactory, exhibit-
ing a steadily progressive prosperity in the finances of
the country, and, by a necessary consequence, in its in-
dustry. The net revenue for the year just terminated
amounts to 50,601,988/. The net revenue for the year
ending Jan. 5., 1845, amounted to 51,235,5381. There
has therefore been a decrease of 633,5501. This decrease
is, however, to be accounted in a manner the most en-
couraging—namely, the reduction of taxation, viz.:—
Customs reduction in Sugar duties
Coal
Sundries
Cotton Wool

£2,418,000

Excise, Auction duties . £250,000
Glass

£890,000

Customs and Excise £3,308,000

Here then we have a reduction of three millions three
hundred thousand pounds of taxes, and a decrease of
six hundred and thirty-three thousand pounds of reve-
nue—equivalent, as every one must see, to an actual in-
crease of the difference—namely, two millions six hun-
dred and fifty-three thousand pounds. This surely is
prosperity. And if we look more closely into the items
of revenue we shall find new reason to be satisfied that
this prosperity rests upon a firm foundation. The great
amount of decrease is necessarily under the head of
Customs ; under which, as we have seen, there has
been a reduction of 2,418,000/. ; and even under this
head the decrease falls considerably short of the reduc-
tion—though, as must be apparent where so much re-
venue has been given up, absolutely and totally, as it
has been given up in the case of cotton wool, coals, and
sundries, there can be ao compensation from increased
consumption. In the Excise, notwithstanding the sacrifice
of the auction and glass duties to the extent of nearly
200,0001., there is an actual increase upon the year
to the amount of 17,0001. ; while on the Stamps, the
index to an active commerce, as the Excise is to the ease
and comfort of the mass of the people, the increase upon
the year greatly exceeds half a million. Upon the Post-
office, too, there is a considerable increase. Is not all.
this proof of prosperity ? Is not this an argument
against hazardous changes ? What better than this is
wanted ? Cannot men content themselves "to let well
alone ?" There is one item, however, in the returns
upon which we must offer a remark. In the Property-
tax there is a decrease of 165,0001., 100,0001. of it in the
last quarter. How is this to be accounted for ? The
millowners hare again and again boasted that they have
doubled their capital within the last year, and yet the
aggregate property and income of the country have de-
clined, though in a trifling degree. Now from these two
facts we must draw one of three conclusions :—First—
the millowners are a small and unimportant class ; or,
second—their prosperity has been accompanied by a
proportionate deterioration in the property of others ;
or, third—the millowners have made false returns. We
leave it to Messrs. Cobden and Bright to choose among
these conclusions. _ _ _

TIMES.—The revenue table for the past year pre-
sents on the whole a satisfactory result. Although it
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decrease is in the Customs. This is easily accounted for
by the recent revision of the tariff, and the greatly di-
minished scale of import duties. A sufficient interval
has not yet elapsed for the usual operation of an in-
creased importation in making up the deficiency which
must, of course, immediately ensue upon so large a reduc-
tion of duties. But turning to the items of increase, we see
unerring signs of a greater commercial activity, and an
improvement in the condition of the people. In the Ex-
cise there is an increase of 17,0001 ; in Stamps, of
540,000/. ; in Taxes, of 7,0001. ; the Post-office has
added 56,0001. to its net revenue ; and under the head
"Miscellaneous," there is an increase of 569,0001. Com-
paring the present quarter with the corresponding one
ending the sth of January, 1845, we find an increase,
instead of a decrease, of nearly 100,0004 the quarter's
deficiency in the Customs, which preserves the due pro-
portion to the annual, being counterbalanced by a more
than proportionate increase in the Excise, Stamps,
Taxes, and Post-office. Comparing it again with the
last quarter, we are startled by a deficiency of a million,
half of which, however, is caused by the falling off of the
Customs. In the Excise there is again an increase of

100,000/.on the Stamps of nearly 200,0001., and in the Post-
office of upwards of 40,0001. The general result of the
three comparisons is, an increased consumption of ex-
cisable articles, which denotes an improved condition of
the general population ; an active commerce ; and
greater cheapness in the imported articles of food. In
this state of the revenue Sir Robert Peel may face his
Conservative Opposition without much fear. There
being a surplus in everything which can be taken as an
indication of the prosperity of the country, his proposal
to repeal the corn laws cannot consistently meet with
opposition from the alarmists. Even if the fluctuating
and uncertain duties derived under the present system
from the importation of corn be deemed a legitimate
source of revenue, this is not generally of sufficient
magnitude to excite any reasonable apprehension from
its abandonment. The finances of the country are too
flourishing to sutler inconvenience from the abolition of
a tax which may yield in one year a million, in another
nothing.
ADVERTISER.—ire publish in another part of our
paper an abstact of the quarter's revenue, ending yester-
day. Its results are of a most gratifying nature. They
show the sound and healthy state in which the com-
merce of the country now is. It is true that, in some of
the branches of the public receipts there is a slight de-
falcation, as compared with the corresponding quarter of
1844.5 ; but in the f,w instances in which a deficit
occurs, it can be most satisfactorily accounted for. The
greatest decrease is in the Customs, which amounts to
547,346/. The subject of surprise,is, that the defalcation
here should not have been of larger amount, for it is to
be remembered that last session the duties on glass,
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