The Sun.
London, England, 1870-03-24 00:00:00

COLONIAL GOVERNMENT SECURITIES.

Canada Government, 6 pc, Jan
and July ,1877-84 100 104 1051
Do, 6p c, Feb and Aug lOO 102 103
Do, 6p c, Mar and Sept lOO 1051 106 i
Do, 5p c, Jan and July . .... lOO 94f 95f
Do, 5p c, inscribed stock lOO 94 96 951
]Do, 5p o, Dominion or, 1903 .„100 95} 96f
oof Good Hope, 6p c, Dec, 1873 100 103 105
Do, 6 p c, April and Oct, 1890-
1900 100 111 113
Do, 6p c, April and Oct, 1880-90 100 109 111
Do, 6p c, Jan and July, 1891 lOO
Do, 5 p c, April 15 and Oct 15,
1900 100 1021 1031
Ceylon, Nov, 1878, 6p c 100 109 111
Do, 1872 lOO 103 105
110, 1882 and 1883 100 112 114
Mauritius, 6p c, 1873, Jan & July 100 102 104
Do, 1878, Jan and July 100 106 108
Do, 1882, May 15 and Nov 15 100 107 109
D 0,1895-6, Feb and Aug 100 111 113
Natal Gov 6p c, April & Oct 100 108 110
Do, 6p c, May and Nov 100 107 109
New Brunswick Gov 6 p c, Jan and
July lOO 104 105
N. S. Wales Gov 5 pc, 1871 to
1876, Jan and July lOO 1001 1011
Do, 5 p c, 1888 to 1896, Jan and
July 100 101 102 101 1
Do, 5 p c, red by ann draws,
from 1867 to 1875 100 100 1011 101
Do, 2 per c, annual draws, 1872
to 1898 100 1001 1011
New Zealand 6p c, 1891 lOO 107 109
Do, 5p c 100 97 98
Do, Jan, April, July, Oct 100 971 931 98
Do., 6p c, 1891, Mar and Septloo 108 110
Do, p ct, 1891, June and Dec 100 107 109
Nova Scotia Gov, 6 p c sterling,
1875, Jan and July lOO 1021 1031
Do, 1886 lOO 1041 1051
Queensland 6 per ct, 1882-85, Jan
and July 100 1081 1091
Do, 1891, Jan and July 100 1081 1091
S Australian Government, 6 p c,
1869-77 lOO
Do, 1878-92 100
Do, 1893-1908 100 110 111
Tasmanian, 6 p c, 1895, Jan and
and July 100 108 110
Do, 6p c red, 1893 to 1897 lOO 108 110
Victoria Govt, 6 p c, Jan and
July, 1891 lOO 113 114 1141
r Do, April and Oct, 1883-5 lOO 113/ 1141 114
Dol 5p c 7 Jan. and JulY11894.1•100 101 i 1021 101

SPIRIT OF THE PRESS.
THE COMING BUDGET,

The Times considers that Mr. Lowe's surplus is beyond
a doubt, and that its dimensions will probably not disap-
point the expectations of either the Department or the
public. We can wait for the ultimate disclosures of the
year with the agreeable conviction that, whatever
may be the particulars of the forthcoming state-
ment, the result is sure to be satisfactory. Mr.
Lowe has certainly not overrated his Income nor
underrated his outgoings. He provided for a surplus,
and a surplus he will have ; but what will be its exact
amount we can as yet only conjecture. The elementary
truth, moreover, should be borne in mind that a large
income, though a desirable thing for an individual, is not
so for a State. It is satisfactory to find the income of
the nation greater than was estimated, because that
chews the resources of the country were more productive
than had been presumed ; but, otherwise, the smaller the
income the better for the people. In private life a man
calculates his receipts, and then adjusts his outgoings;
but in the public accounts we first fix the rate of our
expenditure, and then provide, by means of taxation, the
income to support it. The proposal, therefore, of a large
income for a given year expresses only the anticipation
of a heavy outlay, and Mr. Lowe, it may be hoped, will
reduce considerably the demand for £68,500,000, which
was not thought too great in the spring of 1869. The
difficulty, of course, will consist in apportioning
the reductions which the new Budget will allow. If
less than the old income is wanted while more has
been coming in, the difference is available for the
relief of the taxpayer, but the selection of the taxes to be
lightened is Mr. Lowe's own secret. Perhaps, however,
in a few years' time even that part of a Budget may be a
mystery no longer, and, just as we now learn precisely
what has been spent and received, so may we be able at
some future day to discern, without prejudice and with
general accord, what taxes should be abolished and what
retained.