The Sun.
London, England, 1850-01-07 00:00:00

'Min 41 tvltit

LONDON, MONDAY, JANUARY 7, 1850,

THE YEAR AND QUARTER'S
REVENUE.

The Revenue Returns for the financial year and
quarter, ending the sth January instant, will be
found in another part of this day's impression ; and
we are happy to say that they are as favourable as
could reasonably have been expected. It is true that
there is a decrease on the net income for the year of
80,1:31 1. This, however, is more than counterbalanced
by the increase on the quarter, which amounts to no
less than 371,1251., which fact alone would indicate
a revival of commercial activity, and a vast improve-
ment in the general prosperity of the country.
A slight consideration of the items of the ac-
count will, however, show that the deficiency
on the year is altogether ascribable to an extraordi-
nary element, which can never again enter into the
calculation. In the former year the sum of 593,3051.
was received under the head of " China Money," and
on the quarter 84,2841. Although these sums con-
tributed to swell the national balance-sheet, and were
so fax acceptable to the Chancellor of the Exchequer,
by whom " the smallest contribution is ever thank-
fully received," they were merely casual benefits,
and similar windfalls could no more be
looked for than a private individual could
place reliance on receiving a legacy or
prize in the lottery every year because he had
once happened to be so fortunate. On the ordinary
revenue, then, there is a considerable increase, both
on the year and quarter—on the former of 249,755/,
and on the latter of no less than 470,0031.—and that
notwithstanding the important reductions of duties
which have come into operation within the last year.
In the Customs, the entire sum collected within
the year amounts to 18,695,7981., and in the quarter
to 4,720,630/. As compared with the preceding year
and quarter, there will be found on the former a
decrease of 233,5621., but on the latter the balance is
the other way, there being an improvement to the
amount of 38,2351. The reductions of duty, however,
to which we have alluded, and those on articles of
primary necessity, will far more than acount for the
falling off, while the increase on the quarter shows
that the revenue has already recovered the effects of
the diminution of taxation, thus affording another
illustration of the proverb that, in fiscal matters,
two and two do not always make four.
On the Ist of February, 1849, the ," corn-
laws" finally expired—a small and almost
nominal duty being substituted for the infamous
sliding scale that so injuriously affected the price of
" the staff of Jife," while the much required modi-
fication of duties on sugar, the " corn of the tropics,'
came into operation on the sth of July, and yet we
find that the revenue bas already recovered from the
losses thereby occasioned, an additional evidence of
the soundness of judgment of the fiscal reformers and
a great encouragement to Parliament to try the
experiment of a considerable reduction of the duty on
tea—a reduction which would, at the same time, be
received as an important boon by the great body of
the people, and materially improve our commercial
relations with the Celestial Empire, and occasion an
additional demand for British manufactures in China.
In the Excise there is a decrease of 78,3251. on the
year, but an Increase on the quarter of no less than
371,8991. If this important branch of the national
income may justly be regarded as indicating
the degree of comfort and prosperity enjoyed by the
industrious classes, we may well congratulate the
public on this auspicious result. And the reality is
even more propitious, than the figures appear to testify
for it should not be forgotten that the collection of the
hop duties, which would otherwise have materially
increased the credit side of the account, have been
postponed in consideration of the partial failure of
the crop last year, and the distressed condition of the
growers.
In the Stamps there will be' found an increase of
254,627/. on the year, and of 37,2621. on the quarter.
These results are, we believe, chiefly attributable to
a greater degree of mortality among wealthy capi-
talists, and a consequent increase on the probate and
legacy duties. Something also may ba ascribed to
a greater degree of commercial activity than was
exhibited in 1848, when the nation was still suffer-
ing under the effects of the monetary crisis of
October, 1847.
The Assessed Taxes exhibit the most unfavourable
aspects of any item in the return. There is a defici•
ency both in the year and quarter—on the former of
10,855/., and on the latter of 23,0521. This is gene-
rally the branch of revenue in which there is the
least variation, and which is but little dependent on
the national prosperity or the reverse. The diminu-
tion of the proceeds may, perhaps, partly be accounted
for by the payment being insisted on with less
asperity by the collectors, owing to the generally
favourable state of the revenue,

The Property-tax, however, fully makes up for any
misgivings that may be entertained on the falling off
of the assessed taxes. There is an improvement both
on the year and quarter—on the former of 60,7941.,
and on the latter of 24,9601. This tax, as we have
repeatedly stated, may be regarded as the index of the
condition of the middle classes, of the prospects of
professional men, and of those who exercise a
superior order of skilful industry. The aristocracy
are but little affected by the financial state of the nation
—their rents must be liquidated out of capital, if
the profits are not sufficiext for that purpose. The
operatives and artizans are excluded, for few indeed
can realise 150/. per annum by their exertions. As,
therefore, the base and apex of the pyramid undergo
but little variation, the changes, if any, must occur in
the centre. The increase on the year then would
show an improvement of about 2,100,0001. in the
profits of those persons, while that on the quarter
would be equivalent to nearly 3,500,0001. per annum ,
additional income.

—The items above alluded to may be regarded as
(
infinitely the most important in the account. The
ethers, are however, likewise favourable a
?also
on h
t;
the there
gu quarter,
with all, an increase on the year and
with the single exception of the Post office. In that
branch there is a decrease on the quarter of 46 ,000/ ,
If this falling off be ascribable to the granting addi-
tional facilities to the public correspondence, and the
increased efficiency of the department, we should
regard it with the greatest satisfaction. We
have always held that the public convenience should
be consulted even more than the public revenue in
this great establishment ; and we are convinced that
although there might be a temporary reduction in
the net revenue from such additional facilities, it
would speedily recover itself, and prove as remune-
rative p.s ever to the Exchequer. This opinion is
strengthened and corroborated by the fact that not-
withstanding the vast improvements already effected
under the judicious management of Mr. ROWI,AND ,