The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-04-20
ENGLAND's BALANcE SHEET.
Figures That Seem to Show ar
Amazing Financial Prosperity.

ENGLAND's BALANCE SHEET.
Figures That Seem to Show an
Amazing Financial Prosperity.
The revenue returns issued last night
show that the chancellor of the Ex-
chequer, Sir Michael Hicks-Beach, finds
himself in possession of the magnificent
surplus of f7,642, 642-a condition of ma
tional prosperity without parallel even
in the memorable year of 1874 when
Mr.. Gladstone, with prospective bal
ance to the good of f5,49O,0 900, offered,
if he were returned to power, to abol-
ish the income tax.
These almost bewildering millions are
made up. not of advances in isolated
items, but of a general growth in all
the sources of the country's income
excepting the single item of "miscel-
laneous," in which there is a decrease
OF 1892, 4S2, matter of no special sig
nificance.
Alongside this notable expansion
there is a circumstance which should
be borne in mind. If the total increase
is sufficient to dispel all notions as to
declining trade, it is probably also
clear, from an analysis of the figures,
that we cannot expect that the leaps
and bounds of the past year can go
quarter of the financial year was better
than the corresponding period OF the
previous year by f403,9S3; then came
the September quarter with the start
ling advance of f3658, SIC. The next
three months indicated the same up
ward tendency, but in less empha-
sized degree, with a net increase upon
the last term of 1895, amounting to e.
65S, 209. This superb but still relatively
receding increment fostered a DISPOSE
ton in the. public mind to rest and be
thankful, SO that it will not be disap-
pointed to find the increase up to
March 81 dropping to fl .255,574. Moth
ing tells more pointedly the tale of the
marvellous expansion of our trade than
the necessity of speaking of a million
and a quarter in an apparently de-
preciating or Apologize tone.
Nor is it that this result has fol-
lowed anything like great expecta-
tons" On the contrary, Sir William
Harcourt counted only upon being
master of the modest sum of f1S0,000
at the years end, and this, it will be
remembered, he could only attain by
increased taxation. The late chancellor
wanted two millions, which sum, added
to the estimated expenditure, would
have left a deficit of f30O, 900. In order
to balance his accounts he retained
the extra beer duty and gave up the
spirit duty, an imperial option"
which offended English farmers while
it temporarily pleased the Irish mem
bers.
Thus the f2,OOOOOO of additional out
lay and the deficit which the beer duty
was meant to cover have not only
been wiped out, but Mr.. Co
schens comprehensive programme for
Strengthening the navy. Sir John
Gorst's plan for aiding voluntary
schools, and Mr.. Chaplin's prospective
assistance to agriculture may possibly
all be met without exhausting the
great reserve fund.
The revenue of the year reached the
grand total of f1O9, 339,946, of which
FL ,366,117 was paid out in aid of local
taxation.
A good deal has been said during the
past year about new competitors
springing up, especially in Asia, to
returns certainly do not sshow that we
are suffering from any diminution in
the volume Of our trade, however much
the profits earned in particular indus
tries may have been affected. If trade
means the exchange Of commodities,
we never before had so vast a share
of the trade of the world, and there
is no room for doubt that we shall
hold our own, as we have the wealth,
energy and ''go' to transfer our at
tentien to new fields from those that
are exhausted
The really depressed industry for the
moment is agriculture, and it is diff
cult to see how old countries can be
saved from the overwhelming competi-
ton of almost illimitable and newer
soils. But the masses live better than
ever they did before, as they share
more largely in the profits of capital.
From the middle classes, however,
the complaints of pressure are keener
than from capitalists. because they are
met with more difficulties every year in
discovering places for their costly
families.
But whatever the effect upon special
classes of the new conditions of trade,
it is obvious that it is the immense
capital in the hands of Englishmen
that supports even our competitors,
who thus minister to our incomes. A
Record" revenue of over f1OO00O,OOO
easily paid, is evidence admitting of no
question of the general well-being of
the community, and of its readiness to
meet any mergency.-London Tele-
graph.