The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-03-07 00:00:00

TO ADVERTISERS.

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its the important fact that the

LIVERPOOL STANDARD

IS NOW THE
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PUBLISHED WEEKLY ON TUESDAY,

to4ich can be read on that day by the thousand

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Wie STANDARD is taken at all the

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surrounding manufacturing district

SECOND EDITION is published at Half-past
Two, in time for the North Mails, containing the
MARKETS, and any news of importance that

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7Libtrpool 'taithari.

TUESDAY MORNING, MARCH 7. 1848
THE speech of the Chancellor of the Excheqw
on Monday week, apologizing for the budio ori-
ginally announced by Lord John Russell, contains
some statements which are calculated materially to
weaken whatever small amount of faith any por-
tion of the public may have been led to place in
the financial ability of her majesty's Whig govern-
ment. Nay, we may almost say, they are destruc-
tive of much of our confidence in the elastic cha-
racter of the country's resources. We have before
our eyes the assured fact of a large deficiency in
the last year's revenue, ae(
pect of an increased expendi
which we are about to enter. To meet the further
deficiency thus reasonably to be anticipated, and
which is estimated at a little over three millions
sterling, we have had proposed to us an increase in
the existing Income Tax, to which the country, in
a fit of almost universal indignation, has refused to
submit; and we are now driven to the necessity of
drawing upon the unappropriated balances in the
aachequer to release us from our insolvent condition.
We much fear, however, that in framing theit

nied by the pros

estimates for the coming year, minist
fairly looked their d
the deficiency is likely to be very much g
they have calculated upon. In the fir-*
with us a question of very great c
country has as yet arrived at the

ffienlties in the face

minimum of re-

venue ,productiveness ; whether the cloud, whicl
as lowered over our commerce and our industry
has passed by, or whether we have yet felt its dark
st shadow. At present we look in vain torany glimps

of coming sunshine. The springs of industry are
still relaxed : and commercial enterprise is all but
suspended. We have a confession of these facts
from the lips of the Chancellor of the Exchequer
It is not." he

himself.

ys, ' easy to anticipat

what the income will I.

1 am sorry to say

that symptoms of ret
in their progress as we at one time anticipated ; and
though the income of the corresnot ding auarter of

of so rapid

1847 was not one of extraordinary receipts, I regret
to say, that the receipts up to this time hare fallen
of, as compared with it, to the extent of upwards of
And," he adds, "that notwithstanding
an expectation of some extraordinary receil
the excise department, which will swell the amount

£400,(

of the April quarter, be is not prepared to say that

Me deficiency will be greatly reduced."
But let us see what are the data upon which the
Chancellor of the Exchequer bases his estimates for
the coming year.
" I estimate," he says, " the Custo

s at £19,774,000.
►ry adversity, and

We have had

another of extraordinary pr
course is to frame the estima
received from the Customs it

the year after the reductions made in the tariff by the
Right Hon. Gentleman cpposite (Sir Robert Peel), and I
assume that the sum to be received in the ensuing year
from the Customs will be about what it was in 1845-6."

Now, we must contend—and we do so, fearless of
all contradiction—that wehave nottheslightest right
to anticipate for this year a customs revenue equal
to that of 1845-6. That year, the Chancellor of

the Exchequer states, preceded one of "extraordi-
nary prosperity, which was followed, it is true, by
one of "extraordinary adversity." but it is not ne-

cessary, or in the usual course of things that we
should alternate between extraordinary prosperity
and adversity : that. nn-4- - should he

a fact

one of extraorc

because last year

was one of c

. .
extraordinary adversity. We decline
gh from health to sickness; but we do

rapidly eno

not so rapidly reassume our previous state. -- ra-
las descensus—; sed retrograri, hic labor, hoc opus
eat." We have in the social, as in the corporeal
system, a middle condition—the valetudinarian
condition—to pass through ; and a weary and oft-
times tedious passage we find it.
But let us glance

he features Avl

ich di

tinguished the financit
told are to be the charact

It preceded, we are remin(

a year of no ordinar3
the commercial class(

by the boon of a lar

Of manufactun