The Revenue Returns for the year are good, but not
brilliant. The Customs still show a tendency to disappoint expectation, and the increase in the Excise, which Mr. Gladstone expected as a result of the change from a malt duty to a beer duty, is not more than he had counted upon. The income and property tax, however, in spite of the loss of the penny in the later quarters, shows an increase of 2418,000 for the nine months ; but, of course, it is the quarter on which we have now entered in which the loss of the penny will be most severely felt, for it is in this quarter that the income-tax under Schedule D is paid. On the whole, the progress of the Revenue, though fairly satisfactory, is not commensurate as yet with the undoubted improvement in Trade ; and the next Bu let, tho igh it will show a surplus forthe past year, is not likely to show. any surplus large enough for great operations, unless great economies in expenditure or .other considerable financial expedients should be devised.
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