TOPICS OF THE DAY.
THE REVENUE.
Out last week's remarks on this subject have been themeans of our obtaining further information respecting the revenue, on the accuracy of which we have the fullest reliance. Its result is, that the finances are in a much more satisfactory state than appeared from the public documents which were then before ug.
It is true, that, according to the financial accounts, the deficiency of the years revenue, on the 5th instant, when compared with that of the previous year, is 2,661,848/.; and of the quarter's
revenue, when compared with the corresponding quarter of last
year, 344,565/. But this deficiency on the revenue for the year arises from the repeal of duties in both Customs and Excise during that period ; and the deficiency for the quarter arises chiefly from the non-receipt of duties which were received in the corresponding quarter of last year. The duties repealed in the year ending 5th July 1831, and con- sequently not received in the year ending 5th July 1832, have been—in CUSTOMS, on Coals and Slates, Barilla and Sugar; in Exuma, on Beer, Cyder, Candles, and Printed Goods. The arrears of the Leather-duty, also, ceased to be received. The amount of these repealed duties exceeds the deficiency of revenue on the year. In regard to the deficiency on the quarter, it consists principally or an item of 240,000/. in Customs. But, in the corresponding
quarter of last year, 325,000/. was received for Corn-duties, while
no duties on that article have been received during the last three months. The deficiency on Taxes (82,471/.) is owing to a delay in the remittance of the sums collected, in consequence of the aboli- tion of the County Receiverships. The amount collected is about the same as last year ; but the bills in which it has been remitted are not yet due. The deficiency of 54,006/. on the Post-office is owing, partly, to a payment made by that department to the Ord- nance, and partly to the General Election, which took place between April and June last year, and materially increased the proceeds of the Post-office, through the suspension of franking. Though there is a large deficiency (about a million) on the Ex- cise, taken for the whole year, yet there is an increase, taken for the quarter. We have already explained, that the decrease on the year arose from the repeal of a large amount of Excise-duties. The increase on the quarter (56,000/.) has been upon those articles on which the duties have continued the same as in the corres- ponding quarter of 1831. This increase would have been 200,000/. had it not been that duties to the amount of about 150,000/. were received in 1831, on articles which have since been freed from taxes,—viz. Candles and Printed Cottons. The fact, then, is, that the deficiency of revenue on the year is less than the difference arising from the repealed taxes; and that the taxes which continue the same are producing a larger revenue than before. This is satisfactory; and when we add to it the im- portant consideration, that the expenditure of the present year is reduced at least 1,500,000/. below that qf the last, we may safely presume that the present year's revenue will be more than equal to the expenditure.
The issue of the seven millions and a half of Exchequer Bills, to which we alluded last week, also requires some explanation. These Bills are pledges given to the Bank of England, that the advances made by that Company, at the beginning of the quarter, for the payment of dividends, will be repaid out of the receipts of the whole quarter; so that, as these receipts come in, the Exche- quer Bills are redeemed and cancelled. The amount of Exchequer Bills thus issued at the 5th April last was nearly three millions and a half; these were redeemed in the course of the last quarter; and the amount now issued will, in like manner, be redeemed during the present quarter,—which is the largest in the year both in expenditure and receipts. The amount of the advance by the Bank, and corresponding issue of Exchequer Bills, on 5th July 1831, was 2,186,738/Jess than the present amount of Ex- chequer Bills; but then, we have seen that the decrease in the last year's revenue was 2,661,848/.
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