The New York herald., 1869-04-20

ENGLAND.
rh, financial Condition of the Kingdom.

The Financial C0ndifiou oil the hIuSoOus
LONDON, April 3, 1889.
On Thursday OF next week the Chancellor of the
Excheeuer will lay before the House Of Commons his
history OF the financial condition OF the country for
the fiscal year ending the 3lst Of last month, ana
his budget for the year The retrospect will
not be altogether pleasant one for the taxpayers
OF the country since the revenue for the past twelve
months has fallen over half a million pounds below
the moderate estimates OF Mr.. Hunt, the immediate
predecessor OF The present Chancellor while the ex-
pendiure has been increased nearly million and a
half over the estimates. The falling or has
been in customs, revenues, stamps and
taxes, and the increase has been ocea-
stoned by the settling up FOR the Abyssinia war
The sum OF f3,o0o000 granted to Mr.. Hunt and by
him supposed to be sufficient to square the account
has been found altogether inadequate; and a month
ago another 100000 was appropriated to the same
object. OF this last sum 92.ooo,ooo have been ex-
pended in 1860, making the outlay for Abyssinia
last year f5 900 and carrying over f1 to
the present year. IL is rumored that yet further
appropriation will have 10 be made before the country
gets wholly clear of the liabilities 1t has incurred for
The luxury OF frightening few Abyssinian savages
and making King Theodorus murder himself
The result of the grand financial exhibit viii
show total income for the year 1869 OF f72 59l 600
and total expenditure Of si4,656 0o0 leaving de-
the fiscal year Is67-s there was balance in
the EXchequer or 94,fs2, goo. Tbs being meagre
enough sum to stand TO the credit OF the govern
ment the present deficiency has been met Dy the
issue of million Exchequer bonds, TO be PAID out
OF the arrears OF the income tax collected the pre-
sent year. and by Treasury "kiting," or borrowing
IRON haad to mouth to the extent OF another million
BY these means there has been left an EXcnequer
balance on the first Of this month Of f4 900.
This is all dlscouragng enough, and 1t was the
Strengthened condition 0i the Treasury, as well as
the Withdrawals OF gold Tor Shipment 10 America
that caused The Bank OF England the day before yes
Nrday raise its rate OF discount rom three TO four
per cent.
Ii Is not surprising that SO unfavorable an exhibit
coupled wlth the stability and confidence which the
accession or Grants administration seems 10 have
impaired TO tue United states government, should
have created an increased ana even eager demand
London for American securities and that the influx
OF United states bonds INTO Europe should at this
tune be unusually great. Mr.. Lowe VIII, no doubt
matter ana VIII draw more hopeful picture for the
year to come than ne can present Tor tie year that Is
gone lie VIA case MS bopefulness upon the TACT
that for tie last quarter ending on the 3lSt ultimO
the receipts snow an increase OF more than seven
hundred thousand pounds over the corresponding
quarter OF the preceding fiscal year-an improve
ment which he Will argue is the more likely to
continue because II is spread over the exlcse,
stamps, taxes, Post Once. and indeed over
almost all Items Oh revenue except customs Ihele
are many, however less sanguine, VINO profess TO
md exceptional causes Tor ie increase OF last quar-
ter and who not believe that the sources OF reye-
nue Will prove any more productive this year tnan
last. Trade Is unusually depressed, and with no ap-
parent prospect OF Improvement. The ordinary eX-
penditure Tor the year which has just commenced Is
estimated ut between sXtyelgnt and slXy-nine NIL
lOns ana to tnls must be added the TWO million
deficiency CT last year ana the one NIL
lion SIX hundred thousand already set apart
for Abysslnian expenses, making total OF
some seyeniy-two or seventy-thrse millions To
this 1t Is certain thar the war rate oil siXpence
income tax must be SILL kept up; but even tins is
likely 10 leave a material deficiency wnen we reach
April, 1870. When we reject that Mr. Lowe has
already limited at the probable need OF still further
Abyssnian appropriation; that the condition OF the
United Kingdom does not just AFFORD any strong
guarantee against OCCASION for extraordinary eXpen-
ditules ana tat the estimates maze cut down
to the lowest figure and ncluue only ordinary eX-
penses, fail 10 find anything encouraging IN the
nnanclai pro poets OF tue Engllsl government FOR
tile nezt Twelve months.