Mr. Gladstone's budget was, .as we all knew that it
would be, a very prosperous one. The excess over his own estimates in last year's revenue was 3,186,0001., sugar having recovered aiter-the reduction of duty no less than 404,000/. beyond what he ha,dlex- pected, and malt having been also exceedingly productive. For the current year Mr. Gladstone showed a surplus of 4,031,000/4 before the reduction of duties on which he decided. Of this he proposes to apply 1,868,000/. to the reduction of the tea duties by 6d. in the pound—one-half ; 1,650,000/. to the reduction of the income-tax over the remaining portion of the year by 2d. in the pound; and 260,000/. to the reduction of the fire-insurance duties from Midsummer to is. 6d. Thus he loses of his surplus—
Tea 1,868,000 Income-tax 1,650,000 Fire Insurance 260,000
£3,778,000
--leaving a surplus of 253,000/., which he proposes to retain. But his measures involve a further loss in the financial year of 1866-7—
Tea 207,000 Income-tax 950,000 Fire Insurance 260,000
£1,417,000
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