The Revenue-tables for the year and quarter come under the
head of " stern realities." The flatteries of the financial table have to a certain extent given way. It is no doubt calculated to inspire confidence that the increase of the Income-tax obtains something like the proportionate yield, and that, with a doubled Income-tax, we obtained in the year something like a double re- venue. It seems to prove that income remained nearly the same notwithstanding the pressure. Consumption, however, has evi- dently been restrained ; and increase which figures in the returns is the increase of taxation, not of simple yield. Nevertheless, revenue does not keep pace with expenditure : adding the 16,000,0001. of loan to the 64,000,0001. of revenue, we have 80,000,0001. of money placed at the disposal of Ministers last year : nevertheless, we find a deficiency on the last quarter not
---- -far short of 4,000,0001. These are decided characteristics of a " stern reality " ; though, after all, it is nothing new to learn that we are spending on a war scale ; nor is it wrong that taxa- tion should abstain from going ahead of actual wants : sufficient unto the day is the taxing thereof.
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