Sir William Harcourt will hardly be able to decree a
free breakfast-table in his next Budget. The depression of trade, the dearth of speculation, and the prevalence of strikes, are all telling heavily upon the revenue. Sir William -Harcourt calculated for a deficit of 2500,000 on the year ; but in the half-year ending September 30th the revenue has already shrunk by 21,271,000. The heaviest shrinkage has been in stamps ; but there has been a reduction also of £300,000 in Customs and Excise, which signifies a decreased power of purchase. Under these circumstances, as the multitude must never be taxed any more, we may expect another penny on the Income-tax, or such a revision of the Death-duties as widows and children will feel keenly. The Government is not in fault in the least; but the " masses " do not understand finance, and do expect surpluses from Mr. Gladstone.
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