The Revenue returns for the three quarters of the financial
year which elapsed on Tuesday last, show a wonderful -elasticity of the revenue, though an elasticity which will be more than absorbed by a very small war. The net increase of the revenue was 26,387,000 for the nine months, so that the net increase for the year might very possibly be 28,000,000. The total revenue collected in the same months was £73,207,000; and as the last quarter always yields the largest revenue, it is certain that Sir Michael Hicks-Beach's estimate of a revenue of over one hundred millions sterling will at least be reached. And it will be none too much. Even without fresh war, there are the promises to re- lieve the distressed condition of agriculture, to help the voluntary schools, and to expand the Navy, to be kept, as well as the Ashantee expedition to be paid for. But if troubles with the Transvaal, the United States, and Turkey, are also to call upon us for sudden efforts, instead of having -a swollen purse, we shall have a very insufficient one.
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