, 1866-01-30

COtSu III tllOl IdS U66u IIlOIG ILdL ~ pei
cent. greater in the first eleven months
1865 'han in the corresponding period Of
1861. The home consumption for that
pctIod ii 1861 was 8I,SO3, G69 pounl>;
for the year just Closed it was 81 ,0S2 ,27I
pounds. The other item of dlminurion
is in the Property Tax, upon which the
reduction Of a third in the Income Tax
is now in f0ll operation. Yet the loss tol
the quarter is but 1919, 000L. ON il total O.
a million and a half. Last quarter, it may
he remembered, there was an actual in
crease in this item, but the full effect of
the reduction on the Income Tax viii not
he seen until the next quarter, in which
the largest amounts are received. We
may reasonably believe, however, that
the tax is more honestly paid as it be-
comes less burdeusome, and it is, no
doubt, more efficiently collected every
year. With these exceptions, every item
shows a satisfactory increase in each of
the three periods of comparison. The
Excise has recovered from its temporary
depression of the last quarter, and eXhi-
bits a larger increase on the quarter Just
expired than on the whole of the last
nine months, The year 1864, moreover,
was peculiarly favourable TO the Excise
Duties, while they were not without their
share in The general reduction, so that
the comparison is especially satisfactory.
Stamps, in spite of a diminution of one
half In the Fire Insurance Duties, show
an increase Of 15O,OOOi. on the quarter
and 106 .00OL on the nine monthS-a result
which we may attribute partly to the
activity of commerce aud partly to the
satisfactory operation of the Legacy and
Succession Duties. The Taxes and Post
Office exhibit IA steady and natural in
crease and the Crown Lands add a mo-
dest bat Unsatisfactory item to the general
tale Of improvement.
We have reason TO anticipate that this
remarkable prosperity will be continued
during the ensuing quarter, and, if so,
Mr.. G.adstone's task next Session will
be scarcely less agreeable than it was
last year. The loss which he anticipated
on the whole year was, as we have said,
$500, 0O0L, while the actual loss during
the last niue months has been little more
than a million. If the next quarter be
but proporlionatcly favourable, we can
hardly fail to find ourselves in The receipt
of two millions more than we anticipated.
1t will be an easy task to reduce taxation,
and when we consider what an immense
increase in the comforts of The poor must
be represented by that additional ten
million pounds Of tea of which we have
spoken, we may well rejoice at any fur
Their opportunity Of pursuing the same
henefcient policy. Yet, perhaps, with
this continual advance in our income it
would be at once just and prudent to pay
more attention than we have done of late
to the reduction of our enormous debt.
The morality of making no considerable
efforts to diminish these enormou obi
cations has been fairly questioned, and
it cannot be doubted that, both as adj
v~ancing our credit and as diminishing
the permanent burden of the nation, it
would be of the greatest benefit TO reduce
the capital of our debt. The American
struggle has shown MS the enormous ex-
pense Of war at the present day, and
should we ever be forced again into a Sc
rious contest we should enter upon il all
the stronger for having a somewhat less
heavy burden to start with. It is partly,