, 1875-04-10

Tho financial year Of Grent Britain begins
April 1. Shortly after that date the Govern
mont presents to Parliament tho details Of
tho receipts and expenditures for the previ.
GUS .ycar and tho estimated expenditures for
the current yoar, and such Legislation as nay
bo considered appropriate. Reducing pounds
sterling to dollara at tho rate Of S. for each
II, the budget for tho list two yoara makes
the following exhibit:
Etserts Exwnd,tare.:
1874 ,fs.:sS &3s9E3:s,o
This large surplus revenue will bo followed,
ns is the English custom and policy, by q cor
responding reduction Of tazcs; TINT is, taxes
which in tho yenr Just closed produced sun,
of revenue equal to the surplus revenue will
be repealed This has been tho policy Of
Gront Britain ever since the protective sys-
TEN was nbolishcl. It has been found that
every repeal or reduction Of taxaton is fol-
lowed by an increase Of the consumption Of
tho other commodities. Tho consumers get
moro articles for thu same amount of money,
and the Government gets m increase Of row
enuo on tho increased consumption Of taxed
articles. Since mud including the year end
ing April l, 1850, in all, twonty-six yoars,
there havo been but four years iu which there
was deficiency Of revenue. md in these
years it was due to special CAUSES, tho Chinn
war in 1s5o-'C0, and the Abyssinian wnr In
13G9-G0. These deficits wero promptly COW
orcd by temporary increase Of the tnx On in
comes.
Since 1869 to 1874, inclusive, the annual
reductions Of ta1es in excess Of incrcaso and
in addition to the tax-1istnn rates aggregate
800 900, 900, md tho revenue has suffered
no t1iminution. Tho Government retains o
small rato Of tax on incomes, and, in casa of
any emergency, this tnx can bo increased for
tho OCCASION. Since 1912, this tax Inns been
uttered eighteen times. 1t bosen at ID in tho
pound for tho Russian war it WIS raised to
14d iu 1854, and to 1Gd In 1876. Next year
it WIS reduced to ID, mud In 1878 to I'd. In
1869 1t WIS raised to d. md NEXT year to10d.
1t was reduced in succosslvo yoass to al, and
ngain advanced to til and Cd. TinalIy, n year
nyo, 1t was reduced 10 I'd, being only I Of
per cent.
A ycar ago, in consideration Of tho surplus
revenue, tho ta7es OF the preceding ycar woro
reduced or repealed to the amount of
25,0o0,o 600, and this included $10,000,0.
| Of tax on sugar, $1,000 900 on incomes, aud
52,00o,o0o on horses. Notwithstanding this
large reduction, there will b. another probn-
bly, made this year, tho revenue having cx-
coodel even tho estimates.
| Tho late year has boon OF less than ordinary
activity In Great britain; tho market for The
/ salo Of manufactured gools, especially in tho
United Btatcs, has fallen oil; there has been
| an interruption in tho coal anl iron mining
| districts, besides d somewhat general deprcg.
sion. Nevertheless, responsive to tho inovita-
bio Inv, that reduction Of taxes equal to the
s,,rplus rovonuo, by leaving TINT much money
iu tho hands Of tho people to 10 used by them
in tho employment ot additional labor and
in increased production, there has boen no
loss Of revenue. The measure Of the general
prosperity is tho amount Of food, clothing,
and other articles of necessity Rul comfort
purchasablo by tho people. This Ia day by
day increasing in Great britain, and that, tou,
without any losa OF reyen,te, under III annual
reduction Of the rate OF taxation. A fow Ag-
ures OF comparison between the British aud
the American systems may DO profitable to
the rcadcr. During tho year 1873, the values
Of the gooda imported into Great Britain aud
into the United States, aud tho tAxea there,
on, wero es iollows:
| Vatns NJ goods. Iar thtrson
0Fest britain. llss;G.A1 3!13 ~ ~
United 3s1laA.. w, iBi,t29,1t
The only articles taxed in Great britain ar'
chtccory, cocoa and chocolate, colIee, driot
fruits, spirits, ten, tobacco and anua, wiae
and few small articles. Tho great article
Of cotton, woolan and worsted, iron mi
steel manufactures, as we'll as wool md nl
other raw materials are admitted free OF ta
!, or tariff, and thls IL tho secret Of drea
D.itains vast commerce and relnarkabl
prosperity. Tho expenditures OF GEea
, Britain aud tho United States during 1871
! compare:
AEe4b
u0N4 st.s'ss's.'sstss.tss 2e1sA35a1
, These figures include for Great Britain tn
. postal md Telegraph ssrsiss, for which wa