The Sun.
London, England, 1860-07-02 00:00:00

THE REVENUE.

Those prudent politicians who doubted the wis-
dom of taking off a productive tax just at this mo-
ment have reason to be satisfied with their fore-
sight. The abstract of the:revenue for the year and
quarter is before us, and fully justifies the opposi-
tion which the schemes of Mr. Gladstone and Mr.
Gibson met with. No one, indeed,. can say that the
country is otherwise than prosperous and the
revenue flourishing, but it is plain that, as long as
increased expenditure goes hand in hand with the
abolition of duties, and wars with barbarians
abroad are contemporaneous with philanthropic
finance at home, there is great chance of the nation
meeting with the fate of the most extravagant of
its children, and finding itself for a time insolvent.
If a country where almost every trade is flourish-
ing, where agriculture is highly remunerative, and
the great manfacturers can hardly complete the
orders they receive, finds its expenses verge so
closely on its receipts, what must be expected if a
short cotton crop in America, a bad harvest at home,
or continental disquiet, throws the community into
disorder, and causes millions to reduce their con-
sumption, and consequently the amount of the taxes
paid by them ? Chancellors of the Exchequer have
rather overridden the theory of elasticity. Accord-
ing to them, when indirect taxation is diminished
the consumption of the country increases in a ratio
so much larger as to more than fill the gap that has
been made. But, as in the physical world there is
a limit to the elasticity of bodies, so in finance
there must be a point which the consuming power
of the country will not pass. Undoubtedly, when
a thing much desired has been dear and suddenly
becomes cheap, there will be a large increase in the
consumption ; but when it has reached a price which
practically puts it into the hands of the people a
further diminution of price is not attended with a
corresponding in crease of consumption. This is
fairly shown in our later revenue tables. The people
have been for the most part well to do, and have
had their fill of the great articles of consumption.
It has been found that, having had enough before,
they do not care to have more than they want
because it is a little cheaper. Their surplus funds
they will either lay by or spend on amusement, or
instruction, or something which does not increase
the Customs and Excise.

The product of the Customs ibr the quarter end-
ing June 30, 1860, was £5,732,777, being a decrease
from the same quarter of last year of £375,641.
This is said to be attributable to the diminished
receipts for wine, spirits, sugar, and other articles.
The effect of this diminution has chiefly shown
itself in the last quarter, for the decrease on the
year is only £262,061, the amount for 1852 being
£24,347,322, that for 1860 £24,085,261. The
amount derived from the Excise during the last
quarter was £5,114,000, to £4,945,000 in the cor-
responding quarter last year. This increase of
£169,000 is said to be owing to the reduced term of
credit on malt, the plentiful crop of hops, and the
postponed payments in the corresponding period
last year. As might be expected, the confusion
into which the Budget threw the paper trade has
diminished the receipts from this branch of manu-
facture. Naturally as little paper as possible was
produced while there was a change in prospect
which would considerably lower the price ; only
just enough for the necessary concerns of the
country has paid duty ; we may consequently
reckon on a decided increase during the next
quarter. Large quantities of spirits were taken in
bond in the corresponding quarter of last year, and
thus there is a decrease on this head on the quarter
which has just come to an end. Oa the year, how-
ever, the return is very different. There is an
increase under every head, the whole amounting t
no less than 2,309,000. The qu tntity of malt made
was the largest ever know, and the increase of duty
under this head amounts to £1,600,000. The whole
produce of the Excise for the last year i5£20,530,000,
agaicst £18,221,000 last year. There is no better
test of the prosperity of the country than the
Customs and the Excise, and it is certainly wonder-
ful that, after all the reductions which have been
made in the various imposts since the accession of
Sir R. Peel to the Premiership, the country was
able to raise last year, by this kind of indirect taxa-
tion, no less a smn than £44,615,261. The immense
business which has been done during the last year,
and the general occupation of the people, have been
the cause of this prosperity of the revenue.
On Stamps there is an increase on the quarter of
X 107,660, on the year of £269,277, arising from in..
creased receipts on the old duties and from the new
ones imposed on delivery orders and dock warrants.
The increase on the Property-tax for the year was
£3,636,710. We need not say how this increase has
arisen. When a tax like this mounts in a single
year from £6,266,106 to £9,902,816 therc'is little
to be done but to condole with the country in
having to submit to so frightful an augmentation
ofits burdens. The rate for the present year is still
higher, and, whatever may happen to other heads
-of the revenue, the Property-tax will continue to
furnish its millioni of extorted iold. The worst of
it is that even with this enormous revenue, amount.
ing in 1860 to no less a sum than £71,-116,587, we
are still unable to keep pace with our expenditure.
What will happen should a hard ensue and
check consumption it is not difficult to divine. At
any rate, it is clear that the country wants every
penny it can get. In spite of the doubling of the
Income tax, we shall want not only all the Paper-
duty, but either a loan or additional taxation to
meet the cost of the Chinese war. This strange con-
test has hitherto loomed indistinctly in the distance
and men have been hardly able to realise its reality.
But it is now coming closely upon us, and seems
likely to be a long mind expensive affair. The tea
trade may be 'olcreased, and the cotton trade may
be increased, and merchants at either end of the
world may make fortunes; but the worst of it is
that this " extended commerce" is paid for by the
non-traders—the people with fixed incomes, the
"professionals," the maiden aunts, the GoTernment
clerks of the country, All these commercial wars
and commercial treaties, the cost of which is to be
paid by direct taxation, may in the end benefit the
country, but for the present they put wealth in the
hands ()fa few acute and enterprising capitalists at
the expense of that great mass which has only ave-
rage talents and narrow means.— 7 intes.

•
THE SUICIDE TN HYDE-PARK AND MURDER IN
OXPORD-STREET.—On Saturday evening Mr. Bedford, the
coroner for Westminster, and a jury of inhabitants of St.
James's, assembled in the board-room of St. James's
Workhouse, Poland. street, for the purpose of investigating
the death of Caroline Dhereng, aged 86 years, the wife of
John Dhereng. After a long examination, precisely similar
to that which took place on Friday last, the jury returned
a verdict of " Wilful Murder against Antoine John
Dhereng."
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