Year: 1872

The return of the revenue for the
quarter which ended Yesterday con-
firms the tale that is told in our alver-
tising columns, in the Stock Exchanoe
lists, and by all who go into the citv to
buy and sell. The course of business
is just now at high tide. We are mass.
ing through phase of abundant pros-
perity. Orders have been flowing in
upon our manufacturers faster than
they can be executed. The Board of
Trade returns show that the amount of
commodities imported and exported
continues to increase beyond all prece-
dent. The Clearing house total OF the
half year is larger than it has ever been
before. The traffic receipts of RAILWAYS
grow week after week. Certain results
necessarily follow. ~ Railway stocks
have for some time been steadily
improving in value. The shares
in business companies have shown q
similar movement : ia, as q matter of
course, these 'flattering results, coin
Gliding with q large DEVELOPMENT of
trade, have brought into the market
are, indeed, daily bringing into. the
market, numberless new projects to
tempt the avidity of the capitalist.
Is there any use in limiting that the
pace is becoming somewhat too rapid
We fear little or none. The old cycle
returns. Every one knows that there
must be a; reaction, that the golden
promises of South American schemes
must IN many cases prove like others of
the same kind that have gone before,
that the date of a crisis may be calcu-
lated like the date of an eclipse but
we all believe that we shall save our
selves in time, let who will be left behind.
MEANWHILE moneyis being won, and why
should we not all enter for the stakes
As we hear what our neighbors have
done, and the tales of their successes
are too often apocryphal-the excite
ment OF example becomes Irresistible.
and caution is blown to the winds.
Apart altogether from irregular and &C.
cidental items Of increase, the revenue
OF the past quarter is more than a mil
lion In excess Of the revenue of the
same period of last year. There has
been gain under every head of in
come but two; and of these excep.
tions, one-the Crown Lands is abso-
lutely stationary, and the other-the
miscellaneous receipts, indicates fall


ing off which can be at once account.
ed for. There never was a
Budget less ambitious than that for
the present financial year, and it is sat-
isfactory to think that it may be re-
warded with the success due to modest
merit. We do not lose sight of the risks
which have to be run between now and
next April. The harvest will certainly
be late, and, though its prospects are
at present fair, there is possibility
that it will prove deficient. We can
not tell on the LIST of July in back
ward year what may be its yield. Nor
can any one predict the issue of the
struggle between employers and en-
ployed which has stopped the building
trade of London in all it's branches'
Audacious friends may, on abstract
principles, exhort one or the other side
to persevere while innocent of all
knowledge necessary to form an opin.
ion on the points in dispute. But,
unless workmen and employers consent
to refer their quarrel to some tribunal
in which both can have confidence, there
can be no satisfactory solution. what


ever, until protracted struggle ends
in exhausting the resources of one
party. But if the genius of common
sense prevail, and the harvest be favora-
BILE, Mr.. Lowe may anticipate an over
flowing Echequer. The receipts for
the quarter which has just ended.
after deducting the property tax, and
making allowance for the item of mis-
cellaneous receipts, show a gain ex-
ceeding FL, 180, 900. This much has
been realized, and may serve us a re-
serve fund to balance any unexpected


falling off in the remaining quarters ;


but il, instead of falling of, the gain


be maintained, the revenue of the
twelve.mo will exhibit magnificent
surplus. It would be too curious to
inquire how much of the increase of
revenue shown in the quarters tables
can be depended upon not only for this
year, but for the years to follow. We


have already limited an apprehension
that the revived activity Of trade is
j; stimulating speculation to an extent
which must be succeeded by reaction ;


and it requires no second sight to pre-
dict a season when the wheel of for.
tune will turn, and the manufacture OF
companies will again for a time be
stopped. f,'S': 81 .''4y'.'~"'