The Revenue returns for the past half-year, which were issued
on Thursday, are fairly satisfactory. During the six months there has been an increase of 21,262,000 over the amount contributed in the same period last year. The only falling-off has been in the Death-duties,—partly owing to accident and partly to the small relaxations made by Sir Michael Hicks-Beach. Altogether, Sir Michael Hicks-Beach looked for a diminution of half a million in the whole year owing to his various redactions. But in the first half-year he has got over a million and a quarter more, instead of a quarter million less. This sounds hopeful; but if the half-year is split into its two quarters, and they are compared, it is seen that the second quarter was not so good as the first. It may be, therefore, that the third and fourth will also show a com- parative decline. But after all this is speculative, and the fact remains that up till now the revenue has been coming in very well. More than that it would not be wise to say.
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