The Liverpool Standard, and General Advertiser.
Liverpool, Merseyside, England, 1854-10-17 00:00:00

t*, We shall be happy, at all times, to receive communica-
tions on subjects of local or general interest.
Letters addressed to the Editor should be accompanied by the
real name and address of the writer, not for publication,
but as a guarantee of good faith ; this is indispensably re-
quisite in any statement of facts. The Editor wishes it to
he understood that he does not hold himself responsible
for the opinions or statements of his correspondents.
Booxs, &c., FOR REVIsw, may be left at Mr. C. Mitchell's,
Red Lion-court, Fleet-street, London, addressed " to the
Editor of the LIVERPOOL STANDARD," when they will
be forwarded and receive attention.
The ANNUAL SUBSCRIPTION to the LIVERPOOL STANDARD
is 20s. in advance—or 225. on credit.

Kit
t„,,i7v104 1111
67,;-V ti 17., '4> '49 +

TUESDAY MORNING, OCT. 17, 1854

THE NATIONAL REVENUE,

THE return of the National Revenue, an abstract
of which we have given in another column, though
showing a very small increase on the year, and
something more than half-a-million on the quarter,
affords anything but a satisfactory proof of the finan-
cial skill of the CHANCELLOR of the EXCHEQUER,
or of that elasticity in the national resources so con-
fidently vaunted by Ministerial organs. It will be
observed that on the year's account the increase is
only £16,580, but an examination of the items shows
that the additional Property Tax received is no
less than £1,351,241, and the Post-office £299,000,
while there is a falling-off in Customs, the most
important item in the revenue, of no less than
£839,258, attributable in some degree to the
improvident reductions of duties at the very time
when the Government ought to have known, as
proved by the subsequently published documents,
that a costly war, if not inevitable, was very pro-
bable. The return for the quarter presents a more
favourable appearance, there being an increase of
£550,188 ; but,
_here again, it is all owing to the
additional Property Tax, the increase of which is
£569,686. There is also an addition of £lOB,OOO
from the Post-office; and the Excise—which is often
taken as a test of the popular capability for con-
sumption—shows an improvement of no less than
£354,912. *ln the Customs, however, there is a
falling off, but only of £150,107, so that it is to be
hoped this branch of the Revenue is improving.
It will be seen, however, that, had it not been for

the increased Property Tax, there would have been
a serious deficiency in the Revenue without any
reference to the additional expenditure for the war,
which has still to be provided for.
The Government claim great credit for having
published the financial accounts in what they are
pleased to term a more correct and intelligible
form. It will be difficult for the ordinary reader
to entertain any clear comprehension of them,
except that he is told the returns from Ireland are
included, which was not the case in former accounts.
The Irish receipts are not, however, distinguished;
and those who study them the most deeply will
come to the conclusion that the CHANCELLOR of
the ExcuEvErt, in his new scheme to show the
public finances clearer, has only succeeded in mak-
ing them more complicated.
The Lords of the Treasury have certified to the
Commissioners for the Reduction of the National
Debt, that the surplus revenue for the year, ended
sth July last, is £1,058,678 lls. 10d., of which
one fourth 0r£264,699 12s. 11d. with£2,729 lls.ld.
interest on Donations and Bequests, making a total
of £267,399 45., will be applied to the reduction of the
National Debt. It must not be supposed, however,
that there was any actual surplus, as this sum arises
from the balance of a previous period, one-fourth
only being appropriated, and the remainder carried
forward to meet a deficiency, as in the present case.

OUR EXPORT TRADE-MONETARY
AFFAIRS-THE BANK CHARTER.

LIE monthly returns of the Board of Trade,
which we published last week, showed a falling off
of nearly half a million in the value of exports,
during August, as compared with the correspond-
ing month of last year. There is, however, an
excess of nearly a million and a half on the eight
months of the year, which, taking into account the
very large amount of business done in 1853, shows
that the export trade of this country is still being
greatly extended. This of itself would furnish
ample grounds for congratulation to those who
look upon the commerce of Great Britain as the
great source of national wealth ; but a somewhat
different view of the subject appears to have been
taken by Messrs. T. and H. LITTLEDALE and Co.,
an extract from whose circular we gave last week.
They are of opinion that our exports must result
in heavy losses rather than in profit to the senders,
and they say :—" We are glad to see a decrease of
the missions of September to the extent of nearly
half a million." We may admit that some disad-
vantages have attended commercial transactions,
and that these may have been enhanced by a
restricted currency, but we cannot coincide with
the opinion that our export trade has been promi-
nently affected, or that there is any cause for con-
gratulation in the falling off alluded to. It seems
to have been forgotten that commercial derange-
ments have been mainly, if not solely, caused by
the great excess of importations which has kept
the balance of trade against this country, and that
while this state of affairs has been induced by the
united operations of a restricted currency and a
nominal system of free trade, which practically
gives the greatest advantage to the foreigner, it
is only the increase of exports which has served to
counteract its ill effects. In order to restore a
healthy state, our Exports must be still further
increased, in order to exceed, or at any rate to keep
pace with the excessive importations, and then we
anticipate that the arrivals of gold from Australia
will remain to swell the stock of bullion in the
bank coffers, to be followed by a reduction in the
rate of discount and a corresponding easiness in
the money market. It is with special reference to
the reduction of Imports that the late abundant