The Revenue accounts for the year show that Mr. Gladstone's
Budget estimate was below the mark of the actual returns. The Chancellor of the Exchequer provided for a surplus of £295,000. Practically, if the expenditure has not exceeded on the whole the estimates of expenditure, the surplus for the past year will be a million, or nearly three-quarters of a million, better than was anticipated. The Customs returns have ex- ceeded the estimate by more than a quarter of a million ; but the Excise returns have fallen short of the estimate by a good deal more than this, the deficiency being compensated, however, by the increase in the yield of the Property and Income-tax, while the Post Office, Telegraph Service, and miscellaneous returns account amongst them for nearly half-a-million of increase. On the whole, the Revenue returns for the year are satisfactory and encouraging, but by no means splendid. If Mr. Gladstone is to do anything, in a financial sense large, in his next Budget, it must be by either large economies in expenditure, or some considerable change of system such as he only could devise.
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