The Revenue Returns for the last quarter look rather bad,
and really are not remarkably good, but they are not so bad as they seem. The deficiency on the corresponding quarter of last year is about 800,000/., but this is made up of a falling-off in Excise of something less than 400,0001., and a falling off in Income-Tax of something more than 400,0001. Neither of these deficiencies pro- bably show that there will be any proportional deficiency,—possi- bly not even any deficiency at all,—on the year's revenue. Both excise and income-tax returns are very irregularly collected, and deficiencies on them are apt to be made up in the last quarter. The Customs' revenue shows a very slight increase. Altogether, the Revenue is not very flourishing, but may yet prove to be as Mr. Disraeli said in October, "without o'erflowing, full."
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