The revenue department of the British empire exhibits just at
present some phenomena as instructive as they are striking. The revenue-returns for the year ending at the close of March pre- sent the Chancellor of the Exchequer with the vast total of 71,000,0001.; an immense increase upon the previous year, and an exceis over his own estimate of one million and a half sterling. The fourpence additional income-tax, which was to have been such a failure in the calculations of some vaticinators, has returned more than he reckoned on. Concurrently with this magnificent productivity in the public revenue, the state of trade is sound ; stocks are reported to be low, and there is a general movement in the direction of more active trading.
The export of cotton from the United States is so considerable as to have exceeded the export of the previous corresponding half-year, by more than five millions sterling. The Americans profit by the export, and so do the British ; for the supply was needed. A single incident will show at once the pressure upon our cotton-manfacturers, and the advantage which they obtain through free trade. They have lately been buying up spun cotton yarn from the manufacturers of Rouen, to be woven in our own cotton districts. Observe. The cotton was carried over from the United States to France in protected ships, worked up by protected spinners, and carried back to England by a seoond voyage ; yet it pays our manufacturers better than it would have paid the French, who were glad to sell it. Yet they enjoy a market "protected" by exclusive duties ; we have a market open to all the world. And therefore, as we have before had occasion to remark, with regard to the corn-trade, all the world comes to osr market.
We have a few more particulars rerpecting the measures ad- vanced by Mr. James Wilson for eatahlishing the paper currency India ; and, hereafter, we shall be able to examine this more at leisure. We are well aware of the difficulties to be overcome in making the whole N give commuaity fully understand the nature of the engine placed at their disposal. Meanwhile, how- ever, our private advices from those who are in no way depend- ent mos the Government, while they ace thoroughly conversant wits aemnercial affairs is Calcutta aad Vectbay, confirm our owe. *lien, that sooner 9ir later the ealoomo value of a paper currency will be appreciated, even by tie Native as much as by the European community. The very principles which we briefly indicate in a separate paper, on the excess of the revenue in Eng- land, are as applicable in India as much as in England. A paper currency is the master-key to every kind of commercial facility. The Finance Minister of India has taken his stand firmly on the solid ground of Peel's financial policy.
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