, 1866-01-30
From the London Times, January IL

happy new year." which we shall all
wish one another this morning, depend,
in no little degree, upon the condition
of the domestic treasury. If the balance
is low and business dull, a shadow Of
anxiety will mar the enjoyment of the
happiest home, while a secure and an
improving income is sufficient to remove
the sting of many Il present discomfort.
The same homely consideration applies
to nations even more than to individuals,
and the most elementary condition OF
national welfare is a prosperous EXche-
quer. In this particular, so important
to the public happiness, the neWyearopens
upon us with the brightest prospects.
The Revenue Returns, both for the three
months and for the year Just expired,
again exhibit the elasticity which has of
: late surprised US at the close Of every
quarter. Sanguine as we have now good
reason to be from repeated illustrations
of the buOyaucY of the Revenue, the
Quarterly Returns still continue to sur
pass our utmost expectations. The net
result Of Il comparison between the Re
turns before us and those of the cores
ponding periods in last year exhibits, Of
course, a decrease, in consequence of the
heavy reductions of taxation IN the last
Budget but this decrease is surprisingly
below what might have been expected,
and will offer the most gratifying diSap-
nointment TO Mr.. Gladstouc's calculations.
He RENTED taxation to the extent of
five millions in the financial year, and he
estimated the probable recovery, in ION.
sequence of increased consumption, at a
million aud a quarter, so that the decrease
which he anticipated on the whole wear
was 3.776,000L. This would give a de-
crease for nine months OF 1888, 500L. In
stead of this, the actual decrease for
those nine months is but 1,1l6,958i, or
not very much more than a third Of what
was anticipated. Upon the quarter the
result is even more remarkable, the actu-
al decrease being but 60, ISL, against an
average estimated decrease Of ga, 500L
Lastly, taking the whole year 1865 as
compared with 1864, the decrease Is less
than a million. Such results, while 10 Il
considerable extent they may he attrihu-
ted to- the skiIful management of the
Chancellor of the EXchequer, must be
due in a far larger degree TO an eXtraor-
binary prosperity in the nation at large;
and they justify the most ample congra-
tulaIlons upon our entering on the new
year.
The results will appear not less salts
factory if we examine the several items.
There are but three items which exhibit
a decrease, whether we consider the quar-
ter, the nine months, or the whole year
the Customs, the Property Tax, and
the Miscellaneous item. OF these, the
third is not dependent upon the general
productiveness of the year, and for the
quarter it does not appear among the
items of decrease. Customs, of course,
supply the principal diminution of Reve-
nue., bat the general recovery is proper
tionately remarkable. The loss of the
duty on tea alone was estimated at
1868, OOOL for the year, or 1,4Ol, OOOL. for
the nine months, and on an average
467. OO0k for the quarter. Instead of
these results the whole decrease on the
Customs for the quarter is but $685. O0L,
or scarcely more than half the estimated
decrease on tea alone for the nine
months it is 865, O0OL., and but 628, OOOL.
for the whole wear. This remarkable