The survey of revenue, trade, and industry, is upon the
whole most satisfactory. The revenue-returns for the year and quarter exhibit a remarkable firmness in the taxpaying power of the country. On the twelve months there is a total increase of 1,315,0001., and on the ordinary revenue of 700,0001., notwith- standing a decrease under the head of Assessed Taxes to the ex- tent of 223,000/. The Assessed Taxes have been considerably overhauled; and it is only remarkable that the decrease should not be greater, since the objects of taxation under this head are not so likely to exhibit the same elasticity of compensation which may be expected in the case of taxes on consumption. The quarter, however, is more interesting than the entire year, since the effect of recent reductions tells more considerably upon this part of the year. Here there is a decrease; but it is the plain effect of the remission of duties : when the extent of those remis- sions is considered, it will be seen that the revenue is actually rising under the process, and that the apparent decrease covers an increase of much larger proportions. Thus, notwithstanding the reductions on tea, sugar, and innumerable minor articles in the Customs, on soap in the Excise, with many modifications of "Stamps and Taxes," including the large modification of the Suc- cession-duties, the gross decrease on the ordinary revenue amounts to no more than 299,0001.
The substantial foundation for this financial prosperity exists in the really flourishing state of trade. The Board of Trade returns do not reveal that which we know from daily manifestations, but they test its diffusion and uniform soundness in a very interesting manner. In these returns the exports approach the nearest to exactness of indication ; and we find, for the eleven months of 1853, the aggregate declared value of 80,780,0001., showing an in- crease over 1852 of 15,500,0001., and over 1851 of 17,500,0001. The imports exhibit a corresponding increase. Under the head both of imports and exports, the increase is diffused with a re- markable uniformity over all the eleven months, and- over every variety of commodity.
Those financial and statistical indications are aided in their elu- cidation by the reports from the centres of industry, which, with one exception, are as satisfactory as those concentrated shapes of information. The coal-trade has its own causes of disarrange- ment, which it would be quite worth while to investigate for the purpose of improvement both with regard to produce and the transit. Although business at Nottingham has been partially suspended, as usual, by the Christmas season, the state of orders and of work is such that inconvenience is felt only from want of house-accommodation for the working classes. The iron-trades are in excellent condition. The painful exception is the strike in Lan- cashire, which offers as yet no prospect of conclusion. It is to be regretted that an amateur society, like the Society of Arts, should have been left to make the first overture towards intermediation for a pacific settlement of the dispute. We cannot anticipate any pre- sent effect from such an intermediation ; but if it be well conducted, the discussion which is to take place under the superintendence of that Society on the 24th instant, may elicit a useful declaration of principles and sentiment, and may afford the commencement for better relations between masters and men hereafter.
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