7 JANUARY 1865, Page 8

The Revenue Returns are good. Comparing them with three quarters

of the Chancellor's reduced estimate, when he had allowed for his changes, we find,—

Three quarters Actual yield for of Chancellor's three quarters up to Estimates. 31st Dec., 1864.

Customs £16,365,000 £17,002,000 Exoise 13,522,500 14,216,000 Stamps 6,982,500 7,029,000 Taxes 2,293,500 2,894,000 Income-tax 5,850,000 4,831,000 Post-office 2,962,500 3,095,000 Crown Lands 232,500 226,000 China and Japan Indemnity 450,000


Miscellaneous 1,687,500 1,843,285 £50,346,000 £51,136,285

—giving apparently an excess above the estimate for the three quarters of only 790,2851., or above 1,000,0001. for the year. The excess is, however, in reality very much larger. The income-tax is always very much behindhand at this period, and a great portion of it is collected in the last quarter ; there is pro- bably no credit yet given for the China and Japan indemnity, so that the surplus on the estimates for the year may well be taken at fully two millions, and there will be besides the margin retained in the original estimate of 238,0001. Even with- out important reductions in the expenditure, if we allow for the natural annual increase in the revenue next year, the Chancellor of the Exchequer should have in his next estimates full three millions to dispose of for the reduction of taxation. The revenue for 1863 was 70,433,6201., and for 1864, after losing about 1,749,0001. by remitted taxes in the last three quarters of the year, was still 70,125,3741.,—that is, the increase this year has been certainly very much above a million sterling.